ARGENTINA: BCRA Governor Reaffirms Commitment To Lower Inflation Rate

(RTTNews) - Argentina's central bank will persist with its contractionary monetary policy if inflation in the country remains above the 2018 target range of 8% to 12%, said the monetary authority governor, Federico Sturzenegger.

"For the disinflation program, our focus is now on monthly inflation at the end of this year at levels consistent with next year's target," said Sturzenegger at a meeting organized by the Argentinean Business Association (AEA).

"Next year's inflation target is 10%. That is to say that if the price dynamics do not converge to that level, the BCRA must persist in the contractive bias," the central bank governor said.

According to the BCRA, Argentina's annual inflation in July 2016 was at 44%. In July 2017, the annual rate decreased to 21.4%.

"In fact, this is the lowest inflation in 7 years," Sturzenegger noted.