Argentina lowers benchmark interest rate to 50% from 60%

The rate cut comes amid growing central bank bullishness over bringing down the monthly inflation rate faster than analysts expect, which is key for the country's economic recovery with prices rising at nearly 300% annually. The monetary authority's board made the decision on Thursday taking into account the "rapid adjustment" of inflation expectations and the strengthening of the fiscal anchor, among other things, the central bank said in a statement.

Argentina's central bank on Thursday cut its benchmark interest rate to 50%, the third rate cut in three weeks as inflation expectations rapidly fall.

Since April 11, the monetary authority has brought the rate down by ten percentage points in each decision. The rate cut comes amid growing central bank bullishness over

bringing down the monthly inflation rate faster than analysts expect, which is key for the country's economic recovery with prices rising at nearly 300% annually.

The monetary authority's board made the decision on Thursday taking into account the "rapid adjustment" of inflation expectations and the strengthening of the fiscal anchor, among other things, the central bank said in a statement. Libertarian President Javier Milei came into office in December, vowing to implement tough spending cuts to bring inflation back under control.