central bank

Over the course of three days ending on Sept. 19, the country’s central bank spent over $1 billion of its hard-currency reserves defending the Argentine peso from further depreciation.

Farage also said he had pressed Bailey to change its approach to cryptocurrencies, having previously criticised the central bank over its stance on digital money.

At the same time, mortgage rates started to inch down last month, as financial markets priced in expectations for an interest rate cut from the US central bank.

In recent weeks, the Argentine central bank has stepped in to try to stave off further weakness in the peso.

The cuts come off the back of a $12bn income tax giveaway announced in February and lower interest rates from India's central bank, all of which bode well for a consumption pick-up.