Argentina fixed-term deposit rate falls to 75% after benchmark cut: Traders
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People walk outside Argentina's Central Bank, in Buenos Aires, Argentina July 29, 2022. REUTERS/Cristina Sille
BUENOS AIRES - The fixed-term deposit rate at Argentina's banks fell on Tuesday to an average 75% from a previous floor of 110%, traders told Reuters, after the central bank cut the benchmark interest rate in a surprise move a day earlier.
The central bank on Monday night to cut its reference rate to 80% from 100% previously, citing signs of a slowdown in sky-high inflation and a recovery of depleted net reserves since libertarian President Javier Milei took office in December. REUTERS
