Argentina raises policy rate to 133% as crisis deepens

Presidential candidate Milei says peso worth less than ‘excrement’

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

The Central Bank of Argentina (BCRA) ordered another large increase in its policy rate on October 12, as inflation jumped and the national currency shrivelled on informal markets.

Policy-makers raised the Leliq rate by 15 percentage points to 133%. Since January 2022, the central bank has more than tripled its policy rate from 38%.

The decision comes as the September headline inflation reading recorded year-on-year inflation of 138.3%, up from 124.4% in August.

As Argentina approaches the

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