Argentina continues rate rises

The Central Bank of Argentina
Photo: Javier Pierini

The board of the Central Bank of Argentina raised the country’s benchmark Leliq rate by 550 basis points to 75% on September 15.

Since January, the central bank has nearly doubled the policy rate, which started the year at 38%.

The decision is the ninth increase the central bank has ordered this year, as part of an effort to introduce positive real interest rates. Argentina agreed to adopt such a policy as a condition of a $45 billion International Monetary Fund loan, which the fund approved

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