* Argentina’s central bank (BCRA) has announced it is raising its benchmark interest rate by 1,000 basis points to 91%, in an attempt to rein in
rampant inflation and
stabilise the peso. The significant hike comes after the BCRA
had already raised the rate last week by 300 basis points, to 81%, in an effort to control inflation, which was running at 104.3% annually in March. The BCRA said its decision was
“based on the objective of promoting positive real returns on local currency investments and acting to preserve monetary and financial stability”.End of preview - This article contains approximately 94 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options