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Argentina Interest Rate

Argentina Interest Rate

7-Day LELIQ Rate in Argentina

Throughout 2013-2022, Argentina's central bank policy rates saw dramatic changes in response to rampant inflation and economic instability. The rates were frequently adjusted upwards, particularly post-2018, as part of attempts to curb soaring inflation and stabilize the peso. By 2022, Argentina had some of the highest policy rates globally, reflecting persistent inflationary pressures and economic challenges. These high rates aimed to control inflation but also posed challenges for economic growth and access to credit.

The 7-Day LELIQ Rate ended 2022 at 75%, up from the 38% end-2021 value and significantly higher than the reading of 15.05% a decade earlier. For more interest rate information, visit our dedicated page.

Argentina Interest Rate Chart

Note: This chart displays Policy Interest Rate (%) for Argentina from 2014 to 2023.
Source: Central Bank of Argentina.

Argentina Interest Rate Data

2018 2019 2020 2021 2022
1-Day Reverse Repo Rate (%, eop) 59.25 55.00 38.00 38.00 75.00
Central Bank Badlar Rate (%, eop) 48.25 39.44 34.25 34.19 68.81

Central Bank switches benchmark interest rate in December

At its 18 December meeting, the Central Bank of Argentina (BCRA) decided to switch the benchmark interest rate from the previous 28-day Leliq rate to the 1-day reverse repo rate. While the 28-day Leliq rate stood at 133%, the new rate has been set at 100%. Moreover, the Bank discontinued the issuance of 28-day Leliq notes.

The decision to adopt the new monetary policy tool was aimed at lowering borrowing costs while simplifying the monetary policy framework. The move is consistent with the new government’s goal of reducing monetary financing of the fiscal deficit and encouraging banks to invest in Treasury notes instead of lending money to the Central Bank. That said, the decision relies on the assumption that the ambitious deficit reduction plan and broader macroeconomic reforms adopted by the government will be successful. If the government’s wide-ranging reform program maintains investor confidence, the country’s public debt may attract investors. However, should the government fail to reduce the burdensome fiscal deficit, investors might turn their backs on debt securities and opt to buy dollars, fueling inflation in turn.

The Bank did not give explicit forward guidance in its press release, but stated that “all monetary policy tools will be geared towards achieving monetary stability and reducing inflation”. Most of our panelists expect the BCRA to cut the one-day reverse repo rate this year.

Commenting on the decision, economists at the EIU stated: “The authorities' main aim is to halt the growth of the monetary base in order to end the self-reinforcing cycle of monetary expansion, which, alongside a wide fiscal deficit, has been the source of inflationary pressure in Argentina. The BCRA's negative real interest rates on its notes will encourage banks to invest in government bonds to finance the fiscal deficit. The success of this strategy will depend on how quickly the government reduces its fiscal deficit. If it works, fiscal consolidation and disinflation will encourage lending to the private sector and boost economic growth.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Argentine interest rate projections for the next ten years from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Argentine interest rate.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Argentine interest rate projections.

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