Argentina hikes interest rates by 300 basis points

Argentina’s central bank (BCRA) has raised interest rates by 300 basis points from 75% to 78% after the country’s inflation hit triple digits. Argentina’s central bank board on Thursday raised the country’s benchmark interest rate by 300 basis points to 78% from 75%, after annual inflation hit 100% for the first time in more than three decades. The move came after 12-month inflation hit 102.5% in February, tripling for the first time since the hyperinflationary period of 1991. Prices rose by 6.6% in the month, beating estimates.