Argentina Hikes Interest Rate to 81% in Response to Inflation Overshoot

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Argentina's central bank has raised its benchmark interest rate by 300 basis points to 81% after inflation exceeded expectations in March, according to an official source. The country has been battling a weakening peso currency that has hit record lows against the dollar, and inflation rates that have driven up poverty and hit the Peronist government hard. The latest move comes after inflation in March hit 7.7%, its highest monthly level in more than two decades, with the annual rate reaching 104%. The central bank has yet to officially confirm the rise from its previous 78% level. The move is aimed at boosting the country's reserves and stabilizing its currency.


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