Argentina will roll out emergency measures to curb further currency devaluation, including a significant hike in the key interest rate by 600 bps to 97%, coupled with increased FX market intervention. The peso, which has lost 35% of its value against the USD this year, is prompting policymakers to seek international aid to boost their dwindling foreign reserves. They aim to expedite agreements with the IMF, China, and Brazil via the BRICS group. These actions follow the release of April inflation data, which showed an alarming 108.8% rise in consumer prices YoY, the steepest since 1991.