Thursday, 30 August 2018

Argentina's central bank raises rates as peso plummets

Argentina's central bank has raised interest rates to 60% as the value of the peso continues to plummet.

The currency plunged by more than 15% in morning trade on Thursday, after falling 7% a day earlier.

It comes after the International Monetary Fund (IMF) agreed to speed up its $50bn bailout to the country, citing "more adverse" market conditions.

The move heightened investor fears about the country's economy.

Argentina's central bank said Thursday's rate hike, from 45% to 60%, was a "response to the foreign exchange rate situation and the risk of greater inflation".

BBC      News.

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