Argentina slashes benchmark interest rate to 40%; seventh cut since December

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February 19, 2020 5:34 PM EST

FILE PHOTO: An entrance to the Central Bank of the Argentine Republic is pictured in Buenos Aires, Argentina October 28, 2019. REUTERS/Ricardo Moraes

BUENOS AIRES (Reuters) - Argentina's central bank lowered the benchmark interest rate to 40% from 44% on Wednesday, the seventh cut since the country's new Peronist government took over in December.

The bank said the cut was based on a slowdown in inflation and that the move was aimed at helping revive economic growth, vital as the country looks to avoid defaulting on its debts.

(Graphic: Argentina guides rates back to earth png link: https://fingfx.thomsonreuters.com/gfx/editorcharts/ARGENTINA-ECONOMY/0H001PBLZ5K6/eikon.png)

(Reporting by Adam Jourdan; Editing by Tom Brown)


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