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Argentine central bank keeps benchmark rate at 27.25%

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Argentine central bank keeps benchmark rate at 27.25%

Banco Central de la República Argentina on Feb. 14 decided to maintain its monetary policy rate at 27.25%, due to higher inflation expectations and "mixed signals" about price changes so far in 2018.

The central bank's monetary policy board previously lowered the interest rate by 150 basis points in its last two meetings in January, citing the search for a lower rate of disinflation.

However, the latest result of the central bank's survey of market expectations showed that general inflation is expected to hit 19.4% from the previous forecast of 17.4%. In addition, mixed signs regarding pricing evolution in the first weeks of this year prompted the central bank to act with caution.

The central bank said it will conduct its monetary policy to reach its intermediate inflation target of 15% in 2018.