Rates round-up: Argentina adds 950bp to main rate

The Central Bank of Argentina
Javier Pierini

Argentina: The Central Bank of Argentina made its eighth and largest rate hike so far this year on August 11, adding 950 basis points to the policy rate. This brings the Leliq rate to 69.5%, up from 38% in January.

The central bank said it “observed an increase in financial volatility at the local level”, which had driven up prices and inflation expectations. It said it was trying to raise “active and passive interest rates structures… closer to a positive level in real terms”.

The move came

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