Latin American Countries

A few days ago the Argentina Central Bank raised benchmark interest rates to 81%?  

I can't even wrap my head around that.  Need a loan?  Sign here fro 81%.  It had been at 78% which is also jaw dropping. 

Soaring inflation, dwindling foreign currency reserves,  the peso hitting record lows against the dollar are being blamed but so is a climate change issue. Drought. Unprecedented drought has battered  exports of the country's main cash crops soy and corn pummeling farmers.

Climate change is crippling Argentina, a country which is already dealing with major issues including a fragile democracy. 

https://www.reuters.com/markets/rates-bonds/argentina-central-bank-debate-rate-hike-no-decision-yet-made-sources-2023-04-20/