Argentina hikes interest rate to 60% as its currency plunges

Argentina's central bank jacked up its key interest rate by 15 points to 60%.Officials promised to le...

Posted: Aug 30, 2018 12:40 PM
Updated: Aug 30, 2018 12:40 PM

Argentina's central bank jacked up its key interest rate by 15 points to 60%.

Officials promised to leave the rate at least that high until December as the country seeks a way to stop the collapse of the Argentine peso.

The currency has fallen by almost 50% against the US dollar in the last year.

It was down as much as 10% versus the dollar in trading early Thursday, taking it to yet another record low of 39 pesos to the dollar.

Argentina asked the International Monetary Fund to speed up the disbursement of a $50 billion lifeline it arranged earlier this year.

IMF Managing Director Christine Lagarde said in a statement that she had instructed her staff to "reexamine the phasing of the financial program."

The IMF stepped in to help Argentina in June after the peso weakened dramatically.

Argentina's problems are similar to problems with several other emerging market currencies, including the Turkish lira.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 512175

Reported Deaths: 9396
CountyConfirmedDeaths
Los Angeles1921774693
Orange37391651
Riverside37011695
San Bernardino32980417
San Diego29883565
Kern20545144
Fresno15083138
Alameda11524189
San Joaquin11483168
Santa Clara10626191
Sacramento10067142
Tulare9454178
Imperial9409220
Stanislaus9061110
Contra Costa7966125
Ventura734476
San Francisco681161
Santa Barbara616760
San Mateo5544119
Marin499470
Monterey482230
Kings438056
Merced428550
Solano361137
Sonoma305537
Madera194330
Placer192516
San Luis Obispo178315
Yolo154442
Santa Cruz11524
Butte9417
Napa8888
Sutter7866
San Benito6434
El Dorado6371
Lassen6310
Yuba4854
Shasta3699
Glenn3251
Colusa3234
Mendocino3179
Nevada2991
Tehama2341
Humboldt2334
Lake1951
Mono1451
Tuolumne1412
Amador1260
Calaveras1251
Del Norte880
Siskiyou730
Mariposa562
Inyo511
Plumas330
Trinity50
Alpine20
Modoc20
Sierra20
Unassigned00
Chico
Clear
73° wxIcon
Hi: 100° Lo: 65°
Feels Like: 73°
Oroville
Clear
75° wxIcon
Hi: 101° Lo: 66°
Feels Like: 75°
Paradise
Clear
73° wxIcon
Hi: 94° Lo: 67°
Feels Like: 73°
Chester
Clear
52° wxIcon
Hi: 85° Lo: 57°
Feels Like: 52°
Red Bluff
Clear
77° wxIcon
Hi: 102° Lo: 67°
Feels Like: 78°
Willows
Clear
73° wxIcon
Hi: 102° Lo: 62°
Feels Like: 73°
Staying hot today, but relief from the heat will be ahead for the middle of this week.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events