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Argentina's Central Bank Raises Rates By 800bps To 60%

  • Argentina’s central bank offered its Leliq note, which is used as the benchmark interest rate, at a rate of 60%, representing an 800 basis-point increase and the largest hike in almost three years.
  • The rate increase was communicated to traders through the local Siopel trading system, according to people with direct knowledge of the matter who asked not to be named because the information is not public. (Bloomberg)
    • It represents the largest interest rate increase since August 2019 but still falls short of surpassing annual inflation running at 64%.

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