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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Oil prices rise as spot demand offsets recession fears
Demand for Air conditioners soar as temperatures continue to rise, some companies raise prices by 3-5 per cent
World food prices up in April for second month, says UN agency
Onion Prices Surge at Lasalgaon Market following Export Ban Revocation
Tightened regulations drive up two-wheeler prices: Bajaj Auto MD Rajiv Bajaj