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Benchmark Rate Unexpectedly Cut to 80% From 100%

ARGENTINA
  • Argentina’s central bank unexpectedly cut its benchmark interest rate to 80% from 100%, according to a statement Monday night.
  • Policymakers see monthly inflation cooling while the peso continues to strengthen against the US dollar in parallel markets. Despite annual inflation over 250%, the monetary authority cited a range of factors in explaining the cut, including its steady rebuilding of reserves (BBG).
  • February inflation figures are due later today. Economists surveyed by Bloomberg expect consumer price gains will come in at 15% on the month, continuing to cool from 21% in January. On a yearly basis, inflation is expected to accelerate past 280%.
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