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Argentina Increased Interest Rate to 60% in Wake of Falling Peso

  • As the currency of Argentina is hitting a record low, the country has increased the interest rate to 60%. Over the year, the Argentine peso fell by about fifty percent against the US dollar. On early Thursday, it was down about 10% in trading against the dollar, getting to the point of 39 pesos against the dollar.

    The International Monetary Fund (IMF) has been asked by the country to disburse its lifeline of $50 billion speedily. The IMF also helped the country in June this year after its currency weakened drastically.

    Argentina's problems are considered to be similar to those of other market currencies, such as Turkish lira.