Argentina Raises Rates To 97%

Argentina's central bank raised its benchmark interest rate by 600 basis points to 97% on Monday, May 15, 2023, in a bid to stem inflation that hit 109% on an annual basis in April. The hike is the latest in a series of measures by the government to try to control inflation, which has been rising at a breakneck pace in recent months.

The central bank said it would also increase its intervention in the foreign-exchange market and double down on its currency devaluation plan. The peso has lost about half of its value against the dollar in the past year, and the government is struggling to keep up with its foreign debt obligations.

The rate hike is likely to have a significant impact on the Argentine economy. It will make it more expensive for businesses to borrow money, which could lead to job losses and slower economic growth. However, the government is hoping that the higher rates will help to bring down inflation, which would ultimately benefit the economy.

It remains to be seen whether the rate hike will be enough to tame inflation. Argentina has a long history of economic instability, and it has been struggling to recover from a severe recession in 2020. The government is facing a number of challenges, including a high debt burden, a weak currency, and a lack of confidence from investors.

 

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