# Argentina Hikes Interest Rate To 60 Percent In Bid To Halt Currency's Fall : NPR

> Argentina's central bank raised its benchmark lending rate 15 points to 60 percent after the peso plunged 15 percent at the open on Thursday. Macri had earlier asked the IMF to speed disbursement of a $50 billion loan, a move that failed to calm markets.

- Date: 2018-08-30 · published 2018-08-30T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/63823-argentina-hikes-interest-rate-to-60-percent-in-bid-to-halt-currency-s-fall-npr
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Currency weakness in Argentina makes its soybean and corn exports more competitive, which can weigh on world meal and grain prices.

## 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; peso plunges \| AP News](https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news.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 | 2023-10-10 | [Argentina’s Currency Plummets Under Attack from Far-Right Candidate - The New York Times](https://feedsoft.ai/events/33938-argentina-s-currency-plummets-under-attack-from-far-right-candidate-the-new.md) | +4.8% | +18.2% |
| SBM | 2021-10-22 | [Argentina's informal peso down 2.05%, country risk widens to all time high \| Financial Post](https://feedsoft.ai/events/44844-argentina-s-informal-peso-down-2-05-country-risk-widens-to-all-time-high.md) | +1.5% | +11.6% |
| SBM | 2023-03-31 | [IMF unlocks $5.4 bln in funds to Argentina, boosting reserves \| Reuters](https://feedsoft.ai/events/37161-imf-unlocks-5-4-bln-in-funds-to-argentina-boosting-reserves-reuters.md) | -0.7% | -3.8% |

## Sources

- npr.org: https://www.npr.org/2018/08/30/643264044/argentina-hikes-interest-rate-to-60-percent-in-bid-to-halt-currencys-fall

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