MNI: PBOC Net Drains CNY227 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI BRIEF: Aussie Q3 GDP Prints At 0.3% Q/Q

MNI BRIEF: Fed's Goolsbee Sees Rates Down 'Fair Amount' In '25

MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.