Argentina raises interest rates to 60% as peso continues to drop
- 6 years ago
Argentina's central bank has raised interest rates to 60 percent - up from 45 - as the country's currency continues to plummet in value.
The peso dropped a further 15 percent in early Thursday morning trade and it has lost nearly half of its value since January.
The central bank's move comes after the IMF agreed to speed up its 50-billion-dollar bailout to Argentina, which has been struggling with high inflation and crippling economy.
Argentines have been exchanging their pesos into U.S. dollars in order to protect themselves from the massive devaluation.
Investors are also losing confidence in the government's ability to revitalize the ailing economy.
The peso dropped a further 15 percent in early Thursday morning trade and it has lost nearly half of its value since January.
The central bank's move comes after the IMF agreed to speed up its 50-billion-dollar bailout to Argentina, which has been struggling with high inflation and crippling economy.
Argentines have been exchanging their pesos into U.S. dollars in order to protect themselves from the massive devaluation.
Investors are also losing confidence in the government's ability to revitalize the ailing economy.