Argentina raises interest rates to 40%

The Argentine peso is still sliding in value
Argentina's central bank has raised interest rates for the third time in eight days as the country's currency, the peso, continues to fall sharply.
On Friday, the bank hiked rates to 40% from 33.25%, a day after they were raised from 30.25%. A week ago, they were raised from 27.25%.
The rises are aimed at supporting the peso, which has lost a quarter of its value over the past year.
Analysts say the crisis is escalating and looks set to continue.

Despite the twin rate rises, the peso, which was fixed by law at parity with the US dollar before Argentina's economic meltdown in 2001-02, is now trading at about 22 to the dollar.

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