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BCRA Hikes Key Rate By 15 Percentage Points To 133%

ARGENTINA
  • The central bank in Argentina aggressively hiked its key rate on Thursday, marking the sixth increase this year. The move comes amid an ongoing battle to contain inflation as price gains continue accelerating, reaching 138.3% Y/y in September. The BCRA hiked its key Leliq rate by 15 percentage points to 133%, according to a statement.
  • The central bank is struggling to keep the benchmark interest rate in line with inflation expectations, with a central bank poll of analysts later in the day forecasting inflation to end the year above 180%. The rate adjustment came after a last-minute decision not to raise the rate to 145% "following a leak," after Reuters reported the higher figure, citing a source close to the bank.
  • Analysts have noted this action is unlikely to halt the decline of the nation’s struggling peso, as Argentines continue to seek flight to dollars on expectations of another potential devaluation after presidential elections next weekend. As a reminder, favoured to outperform is Javier Milei, the libertarian outsider who has vowed to shut down the central bank and dollarize the economy.
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