Argentina allows peso to fall faster
Central bank increases repo rate as currency falls and inflation rises, despite severe GDP contraction
The Central Bank of Argentina raised policy rates and will allow a faster currency depreciation, amid continuing economic crisis, it announced on October 1.
The BCRA’s move comes despite stringent official restrictions on foreign currency, which have failed to bring unofficial exchange rates in line with the official value.
The central bank increased its policy repo rate from 19% to 24%. It said the hike aimed to discourage foreign currency purchases, and to offer more attractive returns to
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