BRASILIA, March 16 (Xinhua) -- The Central Bank of Brazil on Wednesday raised its benchmark interest rate from 10.75 percent to 11.75 percent, the highest lending rate since April 2017, when it was 12.25 percent.

It marks the ninth consecutive that the central bank has raised interest rates, which is part of an upward cycle that began in March 2021.

The central bank's monetary adjustment process began after the benchmark rate reached a historical low of 2 percent under the government of then president Michel Temer.

The rate hike is aimed at reining in rising inflation, which hit 10.06 percent by the end of 2021, the highest since 2015.

The financial market forecasts 6.45 percent inflation for 2022 and 3.70 percent for 2023, while the target inflation rates are set at 3.5 percent and 3.25 percent respectively, both with a margin of tolerance of 1.5 percentage points.