# Argentina hikes interest rate to 60 percent; peso plunges | AP News

> Argentina's central bank raised its benchmark interest rate to 60 percent, the world's highest, to halt a slide in the peso. The peso fell more than 13 percent against the dollar on Thursday to an all-time low.

- Date: 2018-08-30 · published 2018-08-30T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

The currency collapse makes Argentine grain and meal exports cheaper in dollar terms, which can pressure world soymeal and corn prices as exporters rush sales.

## Read by commodity

- SBM: bearish ▼
- USDARS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2018-08-30 | [Argentina Hikes Interest Rate To 60 Percent In Bid To Halt Currency's Fall : NPR](https://feedsoft.ai/events/63823-argentina-hikes-interest-rate-to-60-percent-in-bid-to-halt-currency-s-fall-npr.md) | +2.9% | +2.0% |
| SBM | 2018-05-03 | [Argentina peso crashes 7.8 pct despite 2nd interest rate jolt](https://feedsoft.ai/events/65312-argentina-peso-crashes-7-8-pct-despite-2nd-interest-rate-jolt.md) | -2.7% | -6.2% |
| SBM | 2018-09-27 | [Argentina peso slides after record loan with IMF \| AP News](https://feedsoft.ai/events/63331-argentina-peso-slides-after-record-loan-with-imf-ap-news.md) | -0.1% | -0.5% |
| SBM | 2018-05-14 | [IMF says supports Argentina floating exchange rate as peso tumbles](https://feedsoft.ai/events/65309-imf-says-supports-argentina-floating-exchange-rate-as-peso-tumbles.md) | -1.7% | -8.2% |
| SBM | 2018-08-30 | [Argentina crisis: Peso crashes to record low amid IMF plea](https://feedsoft.ai/events/63822-argentina-crisis-peso-crashes-to-record-low-amid-imf-plea.md) | +2.9% | +2.0% |

## Sources

- apnews.com: https://apnews.com/general-news-faabdf5311be421088c9b37213ed5394

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.