Argentina's central bank hiked its benchmark interest rate a huge 10 percentage points to 91% on Thursday as it tries to tame high inflation and steady the peso currency, which has tumbled in black market trading over the last week.
The hike, the biggest since a market meltdown in August 2019, comes after the central bank had already lifted the rate last week by 300 basis points to 81% in an effort to control inflation running at 104% annually.
A higher interest rate offers more incentives to savers to keep their funds in pesos, strengthening the local currency, but weighs on borrowing and economic growth. The major global grains and beef supplier is battling inflation that topped 104% in March, with analysts predicting prices will rise this year by some 110% to 130%. The peso currency is also quickly losing value against the dollar.
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