Sep
11
Argentina Holds Rate at World-High 60 Percent to Fight Inflation
By-
Central bank committed to not lowering key rate until December
- Data shows inflation accelerating in August and September
Argentina’s central bank kept its key interest rate on Tuesday at 60 percent, the highest in the world, following a surprise hike two weeks ago after the peso plunged.
Central bank officials said in their statement that inflation accelerated in August and continues to do so September, citing high-frequency data. They forecast the economy to be in recession this year and next. They also reaffirmed their commitment from August to not lower rates until December in an effort to stabilize the peso, which is down more than 50 percent so far this year…
Argentina Holds Rate at World-High 60 Percent to Fight Inflation
