Published by Mark Smith-HalvorsenBank of America Corp (BoA) has accused Brazil's central bank of overstating the risks of inflation in order to justify keeping rates low.Speaking to Bloomberg, Daniel Tenengauzer, head of emerging-market fixed income and currency strategy at BoA, said the central bank will keep rates at record lows throughout 2010 using exaggerated inflation risk data conducted in-house.A recent survey carried out among Brazilian central bank employees forecast that consumer prices will rise 4.5 per cent in 2010, compared with 4.31 per cent this year."This desperation about inflation in Brazil is exaggerated. The central bank won't need to raise rates until 2011. If they do, it's going to be just a little," said Mr Tenengauzer.Brazil's real has been the top-performing currency this year, outstripping other high-yield currencies and climbing by more than a third against the dollar.However, the BoA currency strategist predicted that the Mexican peso will outperform the real next year, after recording a rise of 7.4 per cent this year.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site