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BCRA Stands Pat, Sets Range for Key Interest Rate

ARGENTINA
  • Argentina’s central bank held its benchmark interest rate at 52%, even as inflation accelerated to its fastest pace in 30 years, and set a reference range for monetary policy.
  • In a separate statement, the central bank said it was setting a reference range for monetary policy, having rates for one-day repos as the floor, Treasury notes as the ceiling, and keeping the 28-day Leliq as the benchmark. Currently, the rate for one-day repos is 40.5% while Treasury notes stand at 63.5%.
  • The range will serve as a “guide” for the central bank to determine the benchmark rate and to show it remains above inflation, as requested by the International Monetary Fund, a bank spokesman said.
  • The measures are also intended to provide liquidity to the debt market in pesos and gradually advance in the use of Treasury instruments as monetary policy instruments, according to the statement. (Bloomberg)
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