Argentina's Central Bank (BCRA) made its fourth rate hike this year as inflation rose above 55 percent. BCRA raised the benchmark rate by 250 basis points.

According to the statement made by BCRA, the interest rate on the indicative liquidity bond (LELIQ) was increased from 44.50 percent to 47.00 percent.

The BRCA had increased by 200 basis points in January, 250 basis points in February and 200 basis points in March.

Parallel to the increase in the monetary policy rate, the BCRA also raised the minimum caps for fixed-term interest rates to encourage full transfer to the peso-denominated time deposit yield. The new base for individuals was increased from 43.50 percent to 46.00 percent per year for 30-day deposits of up to 10 million pesos. For the remainder of private sector deposits, the rate went from 41.50 percent to 44.00 percent.

Inflation in Argentina stands at 55.1 percent annually, hovering above 50 percent for the last 10 months.