Argentina’s central bank held its benchmark interest rate at 52%, even as the annual inflation accelerated to 64% in June, the fastest pace in 30 years. In a separate statement, the central bank said it was setting a reference range for monetary policy, by having rates for one-day repos, currently at 40.5%, as the floor, treasury notes, currently at 63.5%, as the ceiling, and keeping the 28-day Leliq as the benchmark. As requested by the IMF, the range will serve as a ‘guide’ for the central bank to determine its benchmark interest rate. The measures are also intended to provide liquidity to the debt market in pesos and gradually advance the use of treasury instruments as monetary policy instruments.