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.

Speaking in an interview with TV Globo aired late on Sunday, the leftist leader called the interest rate hikes "irresponsible" and said his government would "take care of that"

President Luiz Inacio Lula da Silva has upped his criticism of the country’s worrying interest rates, expressing his serious concern for the Brazilian economy. In a recent interview, Lula said that high interest rates are “the only thing wrong” with Brazil’s economic framework.