So to make sure I'm understanding this, if you wanted to buy something in Argentina and took out a loan for 100,000 pesos, a year later you would have a loan balance of 233,000 pesos (minus whatever payments you made)?
That's wild.
this post was submitted on 13 Oct 2023
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but at the same time, due to hyperinflation, if you held on those 100,000 pesos for one year, next year they're worth the equivalent of 40,000 pesos of today
Hasn't Argentina been dealing with outrageous inflation for about a decade now?
Keep going. They've had inflation issues off and on for decades.
This is the best summary I could come up with:
BUENOS AIRES, Oct 12 (Reuters) - Argentina's central bank raised the country's benchmark interest rate to 133% from 118% on Thursday as inflation data came in worse than forecast, 10 days before voters go to the polls to choose a new president amid a deepening economic crisis.
The hike came shortly after September inflation figures were released, landing above expectations at 12.7% monthly and 138% annually, worsening surging prices that have sapped wages and savings and pushed two out of every five people in Argentina below the poverty line.
Some commentators questioned whether the latest hike was too late amid a worsening economic scenario.
The impacts of inflation has been worsened by the government's near-18% devaluation of the peso in mid-August, which coincided with the prior central bank hike, where it increased the interest rate from 97% to 118%.
Voters will be choosing who to succeed outgoing leftist President Alberto Fernandez, with radical libertarian Javier Milei seen as the front-runner due to his shock first-place showing in the August primary.
Milei, who is seeking to shut the central bank and dollarize the economy to tame inflation, recently recommended depositors avoid renewing bank holdings in pesos, arguing that the peso does not even serve as "excrement."
The original article contains 355 words, the summary contains 205 words. Saved 42%. I'm a bot and I'm open source!
Viva mi patria querida. Argentina, reina de la inflacion.