The Central Bank of the Argentine Republic (BCRA) has announced a significant increase in interest rates from 118% to 133% following the release of September’s inflation data. This hike in interest rates comes as the country continues to grapple with economic challenges.
Under the new rate for fixed terms, Argentines looking to earn the equivalent of $600,000 per month would need to invest 5,160,000 pesos over a 30-day period in a traditional fixed term. It is important to note that the invested funds cannot be withdrawn or added to during the entire month.
This move by the BCRA reflects the ongoing efforts to stabilize the economy and address the impacts of inflation. The decision to increase interest rates aims to provide better returns for savers and investors in the country. The announcement will likely have implications for individuals and businesses as they navigate the financial landscape in Argentina.