Argentina's Central Bank's move to drastically raise interest rates has failed to stop the country's currency diving.
Argentina's Central Bank hiked its benchmark interest rate from 45 to 60 percent Thursday in a dramatic but fruitless bid to shore up the peso, which plunged to a record low against the dollar.
Despite the bank's extraordinary measure to impose one of the world's highest benchmark rates, the currency lost a further 13.5 percent by the close - its biggest daily loss of the year.
Ansa journalist Maurizio Salvi explains what consequences can we expect in the near future for the South American country.
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