Argentina's central bank announced on Monday a sharp increase in its interest rate, to 97%, for term deposits. The move is part of a series of planned government measures to counteract inflation.
In mid-April, the Argentine currency, the peso, had experienced a spectacular crumbling, losing in one week 20% of its value. The interest rate was subsequently increased by 10 points, to 91%, making it one of the highest in the world. The cumulative increase in the cost of living since January 1st has reached 32%.