ARGENTINA: BCRA May Cut Benchmark Interest Rate As Soon As Today
Jan-30 17:17
- Reuters reports that the BCRA could cut its benchmark rate as soon as today, ahead of next week’s adjustment to the FX crawling peg. From Monday, the pace of depreciation of the crawling peg will slow to 1% per month, from 2%, amid the slowdown in inflation.
- The article reports that analysts expect the benchmark rate to be cut by around 400bp in the coming days, from 32% currently. This would still leave a higher spread between the rate and the crawling peg, which will further encourage traders to borrow in foreign currency, according to analysts.
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