Argentina sharply hikes interest rate 1,000 points to 91%

ISTANBUL

Argentina's Central Bank announced Thursday it has raised its benchmark interest rate by 1,000 basis points to 91%.

This marks the second major rate hike by the bank in a week after it raised its benchmark interest rate by 300 basis points to 81% on April 20.

Annual consumer inflation in the nation jumped to a new record of 104.3% in March, according to data the national statistics agency released on April 14.

The annual gain was an uptick from a 102.5% increase in February – the highest level for the South American country since the early 1990s.

The central bank on March 16 increased its benchmark interest rate by 300 basis points to 78%.

That marked the first rate hike by the bank since last Sept. 15, when it raised interest rates by a whopping 550 basis points to 75% to fight rising inflation.