Argentine central bank moves to cap interest rates

ARGENTINA - Argentina's Central Bank has entered potentially dangerous new territory this week, trying to impose ceilings on the interest rates banks pay depositors.

Under new regulations that went into effect Monday, the Central Bank began setting a weekly reference rate for deposits in dollars and pesos, based on average market rates for deposits of 30 to 59 days. Banks charging more than one percentage point above the benchmark for fixed-term deposits or more than one- half the rate for

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