Central Banks
Argentina Cuts Rates to 80% in Surprise Move as Inflation Cools
- Monetary authority cuts benchmark rate to 80% from 100%
- Officials cite stable peso, cooling monthly inflation
The Central Bank of Argentina in Buenos Aires.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentina’s central bank unexpectedly cut its benchmark interest rate to 80% from 100% as policymakers see monthly inflation cooling while the peso continues to strengthen against the US dollar in parallel markets.
Despite annual inflation over 250%, the monetary authority cited a range of factors in explaining the cut late Monday night, including its steady rebuilding of reserves.