Argentinian central bank takes drastic action over currency crisis
BCRA hikes key rate by 500 basis points and pledges major forex and debt changes
The Central Bank of Argentina (BCRA) announced a set of extraordinary measures on August 13 to stabilise the peso amid increasing volatility in emerging markets.
Its actions included a 500-basis point rise in the country’s policy rate, a halt to daily currency auctions, and a pledge to stop issuing short-term debt instruments by December.
The BCRA’s monetary policy committee (Copom) decided unanimously to increase the key seven-day liquidity rate to 45% from 40% in an unscheduled meeting. The
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