Argentina hikes to 60% as peso drops further

The Central Bank of Argentina
The BCRA is struggling to defend the peso
Javier Pierini

Argentina’s monetary policy committee met today (August 30) for an emergency meeting, pushing the policy rate to 60% as the peso resumed its slide against the US dollar.

In a statement, the Central Bank of Argentina said the committee – known as the “Copom” – had resolved unanimously to meet outside the usual schedule and push rates up 15 percentage points, the largest single hike in the current tightening cycle.

“Likewise, to guarantee that monetary conditions maintain their contractionary

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