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Argentine central bank makes 3rd cut to benchmark rate in less than a month

Banco Central de la República Argentina reduced the interest rate floor on seven-day Leliq notes to 52% from 55%, the third cut in the benchmark interest rate in less than a month.

The 300-basis-point cut came days after BCRA Chief Miguel Pesce said the benchmark rate will continue on its downward path this month. The central bank began lowering the key rate Dec. 19, 2019, due to changes to Argentina's political and economic outlook under the new government of President Alberto Fernández.