Argentina is in a very difficult economic situation with inflation over 100 percent in March and a currency, the peso, plummeting in value against the dollar.
The country’s central bank recently raised its key interest rate to 91 percent, which is the highest level in over 30 years, reports TT. This has created great difficulties for Argentine borrowers.
Restaurant owners in Buenos Aires have now stopped printing the prices on their menus due to the ever-increasing prices. At the same time, agriculture has been hit by a severe drought, which has further worsened the economic situation.
President Alberto Fernandez has promised that there will be no devaluation of the peso, but devaluation rumors and market flight from the peso continue. This has also caused concern that the International Monetary Fund will not pay out the $3.9 billion promised to Argentina.
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