The Argentine central bank (BCRA) raised its benchmark interest rate at 550 basis points at 75% annual nominal, it was officially reported, in an effort to deal with high inflation and sterilize the pesos in circulation.
This yield for the “Liquidity Letters” (“Leliq“) of Argentina covers the term of 28 days, in what represents the ninth consecutive monthly increase. The last two were strong jumps of 800 and 950 basis points, respectively.
“The BCRA considers it necessary to once again increase the monetary policy rate and thus consolidate the normalization process of the structure of active and passive interest rates in the economy to place them on positive ground in real terms,” the entity said in a statement.
Analysts previously consulted by Reuters forecast an increase in the rate of between 400 and 600 basis points, against inflation that was 7% in August and could exceed 95% in 2022.
“The monetary authority will continue to calibrate the policy interest rate within the framework of the ongoing monetary policy normalization process, paying special attention to the past and prospective evolution of the general level of prices and the dynamics of the foreign exchange market,” the BCRA emphasized.
The new nominal rate is equivalent to 107% annual effective rate.
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