LatinNews Daily - 23 March 2022

In brief: Argentina raises benchmark interest rate

*Argentina’s central bank (BCRA) has raised the country’s benchmark interest rate by 200 basis points to 44.5%, from 42.5% previously. This is the third such increase this year as the bank seeks to address spiralling inflation which reached 4.7% in February, in monthly terms, driving up the annual rate to 52.3%. A BCRA statement said that it was seeking to preserve monetary and exchange stability, as the global economic is facing a “supply shock” which has resulted in “extraordinary increases in prices of all commodities and other key products of the production chain”.

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