Argentina's central bank on Monday increased the benchmark interest rate by 21 percentage points to 118 percent.
The move aims to anchor exchange expectations and boost positive real returns on investments in local currency, among other purposes, according to the Central Bank of the Argentine Republic (BCRA).
In face of high inflation, the central bank raised its benchmark interest rates for five times this year.
The BCRA will continue to monitor the evolution of the general level of prices, the dynamics of the financial and exchange markets and of the monetary aggregates for the purpose of calibrating its rate policy, it said.
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