Central Bank of Argentina raises interest rates to 48%, in fifth increase of 2022

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The Central Bank of the Argentine Republic (BCRA) on Thursday (12) raised the country’s interest rate from 47% to 48%, in what is the fifth rate increase in 2022.

In a statement, the authority also announces the increase in the yields of Liquidity Bills (Leliq) from 47% to 49%, representing an effective annual rate of 61.8%. The movements occur after the publication of the country’s inflation data in April.

“Current international financial conditions and the recent behavior of commodity markets suggest that some stability in raw material prices may have been achieved”, assesses the official.

“The BCRA will continue to monitor the evolution of prices and will assess the reversal of the monetary policy bias as soon as the downward trajectory of the inflation rate is consolidated”, says the document.

The central bank expects inflation in the coming months to continue falling gradually.

Consumer Price Index

Data from the National Institute of Statistics and Census (Indec) released on Thursday show that the country’s consumer price index (CPI) in the monthly comparison rose 6% in April – a slowdown after an increase in 6.7% in March.

In the annual comparison, there was an increase of 58%, an acceleration compared to 55.1% in March, according to Indec.

Source: CNN Brasil

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