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Argentina Boosts Key Rate to 60% as Inflation Soars Toward 70%. Their big problem: “Central bank money-printing.”

Argentina’s central bank delivered an outsize 800 basis-point hike to its benchmark interest rate, the largest in three years, as inflation accelerates amid a growing political crisis.

The monetary authority increased its benchmark Leliq rate to 60%, it said in a statement on Thursday. The effective annual rate, which accounts for compounded interest, reached 79.8%.

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