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Argentine central bank holds benchmark rate at 24.75%

Banco Central de la República Argentina kept its 35-day benchmark Lebac interest rate again unchanged at 24.75% in its last 2016 monetary policy decision.

In a meeting held Dec. 27, the central bank pointed out that the country's average monthly inflation between July and November was below 1.5%, which represents "strong deceleration from the first half."

Inflation for December is expected to be even lower, which indicates that the regulator is "complying with its targeted inflation of 1.5% or less in the fourth quarter," according to a statement.

From next week onward, the central bank's weekly rate decisions will be based on a seven-day interbank lending rate instead of its 35-day Lebac securities. "The central bank will continue to maintain a clear anti-inflationary bias to ensure that the process of disinflation continues towards its inflation target between 12% and 17% in 2017," the regulator noted.