Argentina removes interest rate floor
Peso stabilised since central bank introduced floating forex regime in September
The Argentine central bank’s monetary policy committee said on December 5 that it is removing the floor on the key policy rate it imposed on August 30.
In making this announcement, the Central Bank of Argentina effectively says it has achieved one of the goals it set itself at the end of August. On August 30, the BCRA announced its key policy rate would henceforth be the interest rate on Leliqs, or ‘letters of liquidity’. These are publicly traded short-term debt instruments that it issues.
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