Lula da Silva has upped his criticism of the country's worrying interest rates, expressing his serious concern for Brazil's economy.

Brazil’s interest rates are too high, and responsibility for the growing fiscal problems lies with policymakers at the central bank, President Luiz Inacio Lula da Silva said Sunday night in a TV interview.

Brazilian President Luiz Inacio Lula da Silva slammed what he sees as the country's excessively high interest rates, saying that borrowing costs were "the only thing wrong" with Brazil at the moment.