LatinNews Daily - 18 February 2022

In brief: Argentina raises interest rate

*Argentina’s central bank (BCRA) has raised the benchmark interest rate 250 basis points to 42.5%. This follows the bank’s decision to lift the rate 200 basis points to 40% in January and comes as inflation continues to surge, reaching 50.7% in annual terms in January. According to a BCRA statement, the rise is in line with its strategy which is being adjusted “in order to establish a policy interest rate path moving towards positive real returns on investments in local currency and to preserve monetary and foreign exchange stability”. According to the media, the latest hike in the interest rate, which is in line with goals set out in the government’s deal with the International Monetary Fund (IMF) over the restructuring of Argentina’s outstanding debt, was the biggest since August 2019.

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