Argentina raises rates again
Economic stability grows more distant as elections loom
The Central Bank of Argentina (BCRA) raised its benchmark Leliq rate by 600 basis points, to 97%, on May 15.
The decision is the fourth rate increase in two months, as policy-makers continue their struggle against inflation and currency depreciation.
Since the start of 2022, the BCRA has nearly tripled the Leliq rate from 38%. In 2023, it has increased by 22 percentage points.
The decision follows the April inflation reading, which put year-on-year inflation at 108.8%, up from 104.3% in March
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