Argentina's central bank cut its benchmark interest rate by 300 basis points to settle at 29%, it announced in a statement on Thursday.

Argentina's central bank is expected to reduce its key interest rate as inflation cools and the pace of peso devaluation slows. The benchmark rate, currently 32%, may see a 400 basis point cut.

Traders and analysts expect Argentina's central bank to lower its benchmark interest rate as soon as Thursday, as inflation falls sharply and as the bank is set to slow the monthly pace of devaluation ...