Argentina’s central bank replaced its primary monetary policy tool, discontinuing the four-week Leliq notes in favor of one-day repo transactions with a 100% interest rate. Concurrently, Argentina’s government announced a peso debt auction with up to three-year maturities. This change, however, diverges from the country’s IMF agreement, which requires monetary policy rates to surpass annual inflation. With November’s annual consumer price figure barely surpassed even when compounded, and projected year-end inflation above 200%, the new rate could be significantly negative if unadjusted.