Argentina’s central bank makes further emergency rate hike as currency falls
Bank makes second emergency rate hike in less than 24 hours
The Central Bank of Argentina’s (BCRA) monetary policy committee again raised its policy rate today (May 4), in its second emergency hike within 24 hours and its third within seven days.
The committee raised its main policy rate by 625 basis points to 40%, a statement from the central bank said. The moves came after the Argentine peso continued to weaken against the US dollar.
In total, the central bank has raised interest rates by a total of 12.75% in three emergency moves over just seven
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