Argentine central bank hikes rates to 60% to halt the ongoing Peso collapse

President Mauricio Macri's sent the Argentine Peso tumbling lower almost 8% against the US Dollar on Wednesday and the selling pressure remained unabated at the opening this morning. 

Macri’s request to speed up disbursement of a $50 billion loan program raised uncertainty above Argentina’s ability to repay liabilities and kept weighing heavily on the domestic currency. In an effort to stop the Peso from collapsing further, Argentina central bank hiked the 7-day benchmark rate to 60% from 45%.

The central bank said it won't cut the rate until December but the 'emergency hike' doesn't seems to be working and the Peso collapsed to 39/USD, down around 13.5% for the day.