Argentina Ramps Interest Rate To 97% As Inflation Soars

Imagine if this were to happen in the U.S. and it might with this fallacy of a debt ceiling fight. Anyone who borrowed money would be a complete fool in this situation as the APR would ruin you. No more cars and houses unless you have cash.


www.barrons.com...

Argentina's central bank on Monday hiked its base interest rate by six points to 97 percent as the government prepares to announce a spate of measures to tackle soaring inflation.

It is the second time in less than a month that the bank has ramped up interest rates as year-on-year inflation hit almost 109 percent in April.

In a statement the central bank said the move aimed at "preventing financial volatility from acting as a driver of inflation expectations."

Inflation hit its highest level in three decades in 2022, finishing the year on 94.8 percent.

But it has kept on climbing and reached almost 109 percent year-on-year in April.

The cost of living has risen by 31 percent since the start of the year.

originally posted by: infolurker
Imagine if this were to happen in the U.S. and it might with this fallacy of a debt ceiling fight. Anyone who borrowed money would be a complete fool in this situation as the APR would ruin you. No more cars and houses unless you have cash.


www.barrons.com...

Argentina's central bank on Monday hiked its base interest rate by six points to 97 percent as the government prepares to announce a spate of measures to tackle soaring inflation.

It is the second time in less than a month that the bank has ramped up interest rates as year-on-year inflation hit almost 109 percent in April.

In a statement the central bank said the move aimed at "preventing financial volatility from acting as a driver of inflation expectations."

Inflation hit its highest level in three decades in 2022, finishing the year on 94.8 percent.

But it has kept on climbing and reached almost 109 percent year-on-year in April.

The cost of living has risen by 31 percent since the start of the year.

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meanwhile Kubota is willing to sell me a $30,000 tractor with 0% interest rate for six years...

Tempting, assuming I can still buy diesel fuel in the near future.

a reply to: Quadrivium

Argentina has had a basket case economy for years , inflation although not this high has also been a problem for years , you can't make global predictions based on what's happening there.

originally posted by: lordcomac
meanwhile Kubota is willing to sell me a $30,000 tractor with 0% interest rate for six years...

Tempting, assuming I can still buy diesel fuel in the near future.

Off topic, but I bought the BX25 with front-end loader, backhoe attachment, belly mower and bushhog back in 2015.
Tough little machine.
$23,000, 5 year contract, 0% interest.
Thought about trading it in, but naaa.

originally posted by: gortex
a reply to: Quadrivium

Argentina has had a basket case economy for years , inflation although not this high has also been a problem for years , you can't make global predictions based on what's happening there.

Inflation is not "only happening there".

a reply to: Quadrivium

Inflation is not "only happening there".

At that level it is.

High inflation—a weakness of the Argentine economy for decades—has become a trouble once again, with an annual rate of 24.8% in 2017.
en.wikipedia.org...

DP

originally posted by: gortex
a reply to: Quadrivium

Inflation is not "only happening there".

At that level it is.

High inflation—a weakness of the Argentine economy for decades—has become a trouble once again, with an annual rate of 24.8% in 2017.
en.wikipedia.org...

Did I say now, or over the next couple of years?

originally posted by: Quadrivium

originally posted by: lordcomac
meanwhile Kubota is willing to sell me a $30,000 tractor with 0% interest rate for six years...

Tempting, assuming I can still buy diesel fuel in the near future.

Off topic, but I bought the BX25 with front-end loader, backhoe attachment, belly mower and bushhog back in 2015.
Tough little machine.
$23,000, 5 year contract, 0% interest.
Thought about trading it in, but naaa.

That's exactly what I'm looking at.
30k now, without the mower.
About 500 a month.