Argentina Raises Key Interest Rate to 69.5% in Biggest Hike Since 2019
- Decision to raise communicated to traders on Thursday
- Interest rate hike is Argentina’s largest since August 2019
Argentina’s central bank raised its benchmark Leliq rate to 69.5%, representing the largest hike in almost three years and signaling a more aggressive stance against surging inflation.
Officials raised the rate by 950 basis points, the eighth increase this year, according to a statement. It follows an outsized, 800-basis point hike just two weeks ago. Until now, central bank officials only raised rates about once every month.