Argentina’s peso in freefall despite central bank rate hike to 60 percent

Argentina's peso in freefall despite central bank rate hike to 60 percent Reuters By Hugh Bronstein and Jorge Otaola BUENOS AIRES (Reuters) - Argentina's peso lost as much as nearly one-fifth of its value on Thursday despite the central bank's hiking its benchmark interest rate to a dizzying 60 percent as investors panicked over President Mauricio Macri's handling of an economic crisis. Onerous borrowing costs combined with government spending cuts and a drought that crippled Argentina's agricultural sector this year have slammed Latin America's third-largest economy. It is expected to enter recession in the third quarter. The post Argentina's peso in freefall despite central bank rate hike to 60 percent appeared first on Firstpost. FirstPost Unsubscribe from these notifications or sign in to manage your Email Applets.