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Argentina Raises Key Interest Rate to 69.5% in Biggest Hike Since 2019

  • Decision to raise communicated to traders on Thursday
  • Interest rate hike is Argentina’s largest since August 2019
The Central Bank of Argentina in Buenos Aires, Argentina.

The Central Bank of Argentina in Buenos Aires, Argentina.

Photographer: Sarah Pabst/Bloomberg
Updated on

Argentina’s central bank raised its benchmark Leliq rate to 69.5%, representing the largest hike in almost three years and signaling a more aggressive stance against surging inflation. 

Officials raised the rate by 950 basis points, the eighth increase this year, according to a statement. It follows an outsized, 800-basis point hike just two weeks ago. Until now, central bank officials only raised rates about once every month.