Argentina's central bank hikes benchmark interest rate to 97 pct

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Argentina's central bank hikes benchmark interest rate to 97 pct

STORY: Argentina's central bank hikes benchmark interest rate to 97 pct DATELINE: May 16, 2023 LENGTH: 0:01:57 LOCATION: Buenos Aires CATEGORY: ECONOMY SHOTLIST: 1. various of street views and markets STORYLINE: The Argentine central bank on Monday again raised the benchmark interest rate by 600 basis points, pushing the rate from 91 percent to 97 percent annually. The decision aims to promote "positive real returns on investments in local currency" and "prevent financial volatility from acting as a driver of inflation expectations," the bank said in a press release. In April, monthly inflation rose 8.4 percent compared to March, according to the bank. The decision complements a package of economic measures the government announced over the weekend to reduce inflation, stabilize the exchange rate and guarantee consistent levels of economic activity. "The central bank will continue to monitor the evolution of the general level of prices, the dynamics of the financial market, and exchange rat

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