Argentine cenbank hikes interest rate by 600 basis points to 97%

Argentina's central bank on Monday hiked its benchmark interest rate by 600 basis points to 97%, according to an official announcement, as the country battles to bring down inflation that hit 109% on an annual basis in April.

Reuters had reported the hike decision on Sunday, citing a source, as the government announced a package of measures to rein in soaring consumer prices and support the wobbly peso currency.