Central Argentina bank on On Monday, it raised the benchmark interest rate rate by 600 basis points to 97%, according to A official announcement.
Argentina is in an economic crisis, with Increased poverty due to annual inflation rate of over 100% weak pesos.
Earlier Sunday, it was economy Ministry announced measures, incl rate modifications more interventions in Market exchange and accelerated deals with creditors.
Argentina’s annual inflation rate rose to 109% in April, smashed past analyst Expectations and stoking anger between hard-hit Consumers are increasingly having to skimp and save to get by.
South American nation, staple grain exporter and region. 2 economy f posted 8.4% monthly inflation rate in April, much higher analyst Forecasting of 7.5% and highest in contracts. However, that took 12 months rate to 108.8%.
the price spike Paid one in four people in poverty in killer country for contracts with Periodic hyperinflation debt and currency crises. centrality diminishes bank Reserves now threaten the government’s finances.
“They turned around us in a country of Beggars “Carlos Andrada 60-year- an old freelance worker, he told Reuters as he was being searched for Cuts-price Deals at the vegetable stall in a market in suburbs of Capital city of Buenos Aires.
“One despair because after working your whole life, you have to do it fight just To get a tomato or a bell He said.
the highest analyst appreciation in Reuters poll for Monthly inflation for the month of April rate was 8.3%. “The data exceeded all expectations,” said economist Daniel Artana of FIEL Consulting.
Argentina’s fragile economic situation has been exacerbated by the historic drought since then last yearHit soybean, corn and wheat exports, depleting foreign reserves and blocking government’s ability to fight currency weakness.
volatility in foreign exchange marketwho saw the peso hit record Lows near 500 to dollar in Parallel markets last a month, further fueling prices and souring Argentina’s massive $44 billion loan deal with International Monetary Fund.
“When I came last time (to market), I paid 300 pesos a kilo for bell Pepper – 300 pesos a half “A kilo now,” said Olivia Maria Belbruno, 70, retired.
“These are the governments we have and we, the citizens, must think because we are who give them we have votes. “
Al-Biruni rule coalition Struggling to bring in prices down Before of The August primaries and a general polling in October.
“I stopped going out To eat once a month, we don’t on vacation anywhere for Four years, we had a sale car “Because we can’t afford insurance, licenses and garage costs,” said painting worker Salvador Paterno, 64.
“we use a little air Air conditioning and heating. Everyone cuts back on These habits make ends meet — even if they work at all.”