LatinNews Daily - 28 April 2023

In brief: Argentina announces another sharp interest rate hike

* 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”.

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