The Central Bank of the Argentine Republic (BCRA) has raised its key rate by a massive 12.75 percentage points since April 27 in an effort to shore up the exchange rate of the peso and force down inflation that is far in excess of the government's target for 2018 of 15 percent.
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Chile's central bank left its monetary policy rate at 2.50 percent and said its board "foresees that it will keep the monetary stimulus at its current level until macroeconomic conditions tend to consolidate the convergence of inflation towards 3%."
Peru's central bank left its policy rate steady at 2.75 percent, noting the fall in inflation in the last five months, declining inflation expectations and economic activity that is below potential.
Mexico's central bank left its benchmark interest rate steady at 7.50 percent, as expected by some but not all economists, saying this decision reflects the recent evolution in inflation, which is largely in line with its expectations.
Argentina's central bank left its monetary policy rate at 27.25 percent and confirmed it expects inflation to decelerate after the impact of a hike in regulated prices, such as utilities and transportation, and the recent peso depreciation wanes.