Argentina reduces key rate floor again

New governor thinks ultra-tight financial conditions failed to tackle high inflation

The Central Bank of Argentina
Photo: Javier Pierini

The Central Bank of Argentina further reduced the floor of its key rate on January 9, the third reduction since December 19, 2019.

The Leliq rate’s floor now sits at 52%, down from 55%. In its first move to ease financial conditions, the central bank’s board cut the floor to 58% from 63%, and on December 26, reduced it again to 55%.

In December, the new Argentinian president, Alberto Fernández, appointed Miguel Pesce as governor, who thinks the ultra-tight monetary policy implemented under the

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