March 19, 2020 / 10:50 PM / 17 days ago

Argentine cenbank urges banks to extend cheaper credit to SMEs to combat coronavirus

BUENOS AIRES, March 19 (Reuters) - Argentina’s central bank said on Thursday it would lower reserve requirements for banks that extended special credit lines to small and medium-sized enterprises at a maximum annual interest rate of 24% in a bid to offset the impact of coronavirus.

The South American country’s benchmark interest rate is currency 38%, although the government of Peronist Alberto Fernandez has been lowering it quickly since coming to power in December in the hope of reviving flagging economic growth. (Reporting by Adam Jourdan)

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