Argentina’s central bank cut its benchmark interest rate by 300 basis points to 29% as inflation continues to slow in South America’s second-biggest economy.The bank’s board said the cut was due to reduced inflation expectations.The rate cut comes as the government is set to slow down the currency’s official monthly depreciation rate to 1% from 2% on Feb. 1. The controversial policy change to what’s known locally as the crawling peg, which some say is contributing to an overvalued peso, seeks to further cool inflation.
January 30, 2025
SOURCE: YAHOO FINANCE
Argentina Cuts Key Rate to 29% as Peso Depreciation Slows