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BCRA Raises Key Rate To 47% as Inflation Hits 20-Year High

ARGENTINA
  • Argentina’s central bank raised interest rates for the fourth time this year after inflation data published earlier in the day showed prices increasing at 6.7% M/m and 55.1% Y/y, the fastest monthly pace in 20 years.
  • The BCRA increased its benchmark Leliq rate by 250 basis points to 47%, according to a statement distributed Wednesday evening.
    • Argentina’s decision to raise interest rates to 47% is part of an effort to tame inflation that has been agreed with authorities, the director of strategy for the IMF said, following the decision.

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