World Events and the Bible

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Argentina Raises Interest Rates To 40%

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WEB Notes: Raising rates is one thing, raising them to this level is quite another. Further, there has been a 10% jump in the last week alone. Lump this in with a 15% inflation rate this year and Argentina is not headed for trouble, they are already there.

On Friday, the bank hiked rates to 40% from 33.25%, a day after they were raised from 30.25%. A week ago, they were raised from 27.25%.

The rises are aimed at supporting the peso, which has lost a quarter of its value over the past year.

Analysts say the crisis is escalating and looks set to continue.

Argentina is in the middle of a pro-market economic reform programme under President Mauricio Macri, who is seeking to reverse years of protectionism and high government spending under his predecessor, Cristina Fernandez de Kirchner.

Inflation, a perennial problem in Argentina, was at 25% in 2017, the highest rate in Latin America except for Venezuela.

This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.

Source: BBC



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