KEY INTEREST RATE RAISED TO 69.5% IN BIGGEST HIKE SINCE 2019

Argentina’s Central Bank raised its benchmark Leliq rate to 69.5 percent, representing the largest hike in almost three years and signalling a more aggressive stance against surging inflation.

Officials raised the rate by 950 basis points, the eighth increase this year, according to a statement. It follows an outsized, 800-basis point hike just two weeks ago. Until now, Central Bank officials only raised rates about once every month.

Earlier, the institution had told traders that it was offering its Leliq note at the same rate, according to people with direct knowledge of the matter who asked not to be named. It marks the largest increase since August 2019.