Rate Move and Bank

drop: The central bank said it would keep rates unchanged at 60% until at least December, according to The Guardian. The peso dropped amid intense trading on foreign exchanges, falling by more than 10%, despite the bank's rate move, in the most severe drop for the currency since it was floated in 2015. 1 77p is now worth about more than 39 pesos, having been worth about 18 pesos at the start of the year. The Argentine central bank raised the cost of borrowing by 15 percentage points on Thursday in an attempt to shore up the peso, which has plummeted in value. Paul Greer of the City fund manager Fidelity said countries across emerging markets were being targeted by investors due to their economic problems, including high levels of debt and imports. Elsewhere on Thursday, the Turkish lira fell by more than 4% against the dollar amid increasing concerns over economic crises in developing nations. There are no easy answers for Argentina to its current woes, he said. (news.financializer.com). As reported in the news.