Argentina’s central bank on Thursday raised its benchmark interest by 15 percentage points to 60 percent, the highest in the world, after the peso plummeted to a new record low.The move comes one day after President Mauricio Macri announced he had requested the International Monetary Fund to speed up disbursements from a $50 billion credit line, in order to demonstrate the country had enough cash on hand to fund the 2019 budget without going further into debt.Earlier on Thursday the peso fell to a fresh record low of 40.00 per U.S. dollar . The peso slipped about 7 percent against the dollar Wednesday and was down another 15 percent by midday Thursday, when it was trading at 39.6 to the dollar. The Central Bank said in a statement that it was raising its benchmark interest rate by 15 percentage points to 60% in response to the currency problems and the risk of greater impact on local inflation, which is already running at about 30% a year. Argentina Hikes Interest Rate To 60 Percent In Bid To Halt Currency's Fall

When Argentine President Mauricio Macri told the country he had asked the International Monetary Fund to speed its disbursement of a $50 billion loan, he consciously aimed to assuage the fears of uneasy market watchers.
Argentina hikes interest rate to 60%, the highest in the world, as its currency plunges.