After four consecutive cuts, Banco Central de la República Argentina held its 35-day benchmark Lebac interest rate unchanged at 24.75%.

In its Dec. 20 decision, the central bank said that estimates and indicators from the state and private sources it monitors suggest that December's inflation will be in line with the monetary authority's target.

"The central bank will continue to maintain a clear anti-inflationary bias to ensure that the disinflation process continues towards its targeted inflation between 12% and 17% in 2017," the central bank said.

As part of the central bank's efforts to transition its weekly monetary rate decisions away from 35-day Lebac securities and toward a seven-day interbank lending rate, the regulator lowered the seven-day rate to 200 basis points from 300 basis points. It also dropped the one-day rate to 400 basis points from 500 basis points.