The BCRA Kept the Monetary Policy Rate Unchanged

The Board of the BCRA has decided to keep the monetary policy rate unchanged at 118% APR (209% EAR).

In August, the monthly inflation rate stood at 12.4%, boosted by a higher financial volatility pass-through to prices as recorded in the second half of August and by the official exchange rate adjustment. However, high frequency indicators show a slowdown in the growth pace of the general level of prices compared to the peak observed in the third week of August, which deepened so far in September.

The BCRA’s interest rate policy seeks to obtain positive real returns on investments in domestic currency to preserve monetary and foreign exchange stability.

The BCRA will keep on monitoring the development of the general level of prices, the forex market dynamics, and the monetary aggregates to calibrate the interest rate and liquidity management policies.

September 14, 2023

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