Argentina accelerates tightening with 800bp hike

Central bank says it aims to make real rate positive as president reshuffles government

Central Bank of Argentina
Central Bank of Argentina, Buenos Aires
Photo: Banco Central de la República Argentina

The Central Bank of Argentina (BCRA) raised its benchmark Leliq rate by 800 basis points to 60% on July 28, its sharpest hike this year.

The move was the largest in a series of sizeable rate hikes as the Argentine authorities try to implement a new International Monetary Fund programme. Alongside the central bank’s decision, the Argentine president Alberto Fernández undertook a major restructuring of his cabinet.

The Argentine central bank has now raised rates seven times this year, once each

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