Argentinian central bank takes drastic action over currency crisis

The Central Bank of Argentina
The BCRA's headquarters in Buenos Aires
Javier Pierini

The Central Bank of Argentina (BCRA) announced a set of extraordinary measures on August 13 to stabilise the peso amid increasing volatility in emerging markets.

Its actions included a 500-basis point rise in the country’s policy rate, a halt to daily currency auctions, and a pledge to stop issuing short-term debt instruments by December.

The BCRA’s monetary policy committee (Copom) decided unanimously to increase the key seven-day liquidity rate to 45% from 40% in an unscheduled meeting. The

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