The central bank of Argentina said it would raise the reserve requirements of the bank in an attempt to slash high inflation in the country.
The central bank said in-demand deposits’ reserve requirements would increase by 2.5 percentage points in June and again in July from its current level of 17 percent.
Reserve requirements for fixed-term deposits would rise 1.5 percentage points next month and the following month, from its current level of 13 percent, the bank said.
Finance Minister Alfonso Prat-Gay has said the pace of consumer price gains should fall to just over 1 percent by the end of the year.
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