Benzinga · Mar 12, 2024
Argentine Stocks Surge As Central Bank Slashes Rates By 20% Following Inflation Slowdown: Milei Pushes For Dollar Legal Tender
Argentine stocks surged in Tuesday’s session following lower-than-predicted February inflation figures and an unexpected move by the central bank, which slashed interest rates by 20 percentage points down to 80% a day earlier. The Global X MSCI Argentine ETF (NYSE:ARGT), which tracks the performance of an index of Argentine stocks, closed 1.3% higher, snapping a three-day losing streak. Government data published on Tuesday revealed that in February, consumer prices experienced a 13.2% rise from the preceding month, which was lower than the 15% gain anticipated by economists. On an annual basis, price pressures escalated by 276.2%, marking the sharpest increase since Argentina emerged from hyperinflation in the early 1990s. According to a government statement, the monthly inflation slowdown is the result of the fiscal discipline implemented by the new administration. President Milei remarked that the ...Full story available on Benzinga.com
