Argentina raises rates again

Economic stability grows more distant as elections loom

Central Bank of Argentina
Central Bank of Argentina
Banco Central de la República Argentina

The Central Bank of Argentina (BCRA) raised its benchmark Leliq rate by 600 basis points, to 97%, on May 15.

The decision is the fourth rate increase in two months, as policy-makers continue their struggle against inflation and currency depreciation.

Since the start of 2022, the BCRA has nearly tripled the Leliq rate from 38%. In 2023, it has increased by 22 percentage points.

The decision follows the April inflation reading, which put year-on-year inflation at 108.8%, up from 104.3% in March

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