Argentina hikes interest rates to 60%

On back of plummeting currency

Argentina's central bank has boosted its interest rates by 15 percentage points to 60% after the peso plummeted on Thursday.

The Banco Central de la Republica Argentina took drastic action after the peso fell by 15% in early trading on Thursday (30 August). The peso's Thursday decline followed an earlier fall of 7% on Wednesday, culminating in the currency's steepest decline since it floated in 2015. It continues to be the worst-performing currency of 2018, falling 46.3% against the dollar since 1 January.  However, the move had little effect initially, with the peso falling almost 18% at its worst, before recovering slightly. At the end of the US trading day it was down almost 12 per cent at 38.53 pesos t...