Business Standard

Argentine peso spirals 15.6 percent lower, central bank hikes policy rate


BUENOS AIRES (Reuters) - Argentina's currency plummeted 15.6 percent to a record low of 39 pesos per U.S. dollar on Thursday and the central bank yanked its policy interest rate up to 60 percent after the International Monetary Fund (IMF) called for stronger monetary and fiscal policies.
In an attempt to calm turbulent markets, Argentina has asked the IMF to release some funds from its $50 billion financing facility.
Argentina is also looking for ways to speed up its fiscal tightening efforts.
(Reporting by Hugh Bronstein; Editing by Chizu Nomiyama and Jeffrey Benkoe)

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First Published: Aug 30 2018 | 8:02 PM IST

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