The Central Bank of the Argentine Republic (BCRA) raised its 28-day benchmark interest rate by 950 basis points on Aug. 11, pushing up the rate to 69.5 percent.
“The rise in the policy rate will help reduce inflation expectations for the rest of the year and consolidate the financial and exchange rate stability achieved after the disruptive events of the last two months that led to the intervention of the BCRA in the secondary securities market,” the central bank said in an Aug. 11 press release.
