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Argentina raises interest rate to 60% after currency resumes slide

Section: Daily Dispatches

By Colby Smith
Financial Times, London
Thursday, August 30, 2018

Argentina's central bank pumped up interest rates by 15 percentage points to 60 percent today after the peso plunged in early trading.

The peso dropped by 15 percent, building on Wednesday's 7 percent drop -- the heaviest since the currency floated in 2015. Today's selloff leaves the dollar at around ARS39, although trading is volatile.

On Wednesday Argentina's president Mauricio Macri asked the International Monetary Fund to speed up the disbursement of its $50 billion bailout package. ...

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