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Argentina's central bank maintains benchmark rate at 28.75%

Banco Central de la República Argentina held its monetary policy rate at 28.75% on Nov. 21 as it noted that inflation has resumed a downward trajectory.

The regulator, which two weeks ago raised the benchmark rate by 100 basis points seeking to curb inflation, said high-frequency indicators show a lower level of inflation since October.

Price figures published Nov. 14 showed October's inflation at 1.5%, down from 1.9% in September.

In a statement, the central bank said its data "suggests that core inflation has resumed its downward dynamic after the tightening of monetary policy since March of this year."

"The monetary authority considers the current monetary policy bias is adequate to accentuate the decrease in inflation and minimize the impact of the next increases in regulated prices," the central bank added.

The central bank has not yet achieved its inflation target of 12% to 17% for 2017, putting next year's target of 8% to 12% under pressure.