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Central Bank Raised Its Key Rate to 42.5% On Thursday

ARGENTINA
  • The BCRA raised the policy rate to 42.5% from 40%. It had previously hiked to 40% from 38%, earlier this year, on January 6. Policy makers again raised the 180-day rate as well, to 47%.
  • Additionally, Argentina’s central bank has been accelerating the pace of depreciation of the official exchange rate since December. Both moves are in line with policy adjustments the IMF will likely recommend for a potential deal and represent progress on Argentina’s unbalanced policy mix.
  • The government aims to reach a staff-level IMF agreement before March.
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