Livin’ La Vida Socialism! Argentina’s Raises 7-day Leliq (Central Bank) Rate To 65 Percent, Peso Declines (Inflation At 131%)

Argentina is going full Volcker! That is, raising the central bank rate to cool inflation like Fed Chair Paul Volcker did in 1979-1981.

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Apparently, Argentina’s central bank is trying a “Volcker” (aka, a Hail Mary pass).

(Bloomberg) — Argentina’s central bank raised the 7-day Leliq rate to 65 percent from 60 percent, according to two people with direct knowledge of the matter.

The peso fell 3.2% to 41/USD at the open in Buenos Aires.

According to Steven Hanke, Argentina’s annual inflation rate is 131% (a far cry from the “official” inflation rate).

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On the news, the Argentina Peso fell relative to the US Dollar.

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Livin’ La Vida Socialism in Argentina!

Peronismo-16

Say, that is a catchy tune!

maudurodance

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