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Argentina's central bank holds rate steady

Banco Central de la República Argentina maintained its monetary policy rate at 28.75% as inflation expectations remained high, Reuters reported, citing a statement from the bank.

Median inflation expectations had increased to 23.5% for 2017 and 16.6% for 2018, above the central bank's target ranges of 12% to 17% and 8% to 12%, respectively, according to a recent survey of economists, the report said.

In November, consumer prices went up 1.4%, bringing Argentina's inflation rate to 21% for the first 11 months of 2017, government data showed.

The central bank also held its benchmark rate steady Nov. 21 after previously raising it by 100 basis points as it sought to curb inflation.