Argentina accelerates tightening with 800bp hike

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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