"Rate hike has been excessive and unjustified," Argentine Economy Minister Miguel Peirano stated. Further information will be gathered about alleged cartelization, investigation in charge of Argentine Internal Trade Secretary, Guillermo Moreno, in financial entities. Argentine Central Bank (BCRA) also contributed: it lowered repo rate by half point (a way of injecting liquidity). General denial to see the outlook of the situation: nobody make deposits in the long term with an inflation aiming at 20 per cent. If there are no deposits, there are no loans. Not even at cartelised rate.
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