CNN —The Central Bank of Argentina raised its key interest rate Monday by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs. Central banks across the globe are struggling to rein in inflation, but it’s a particular problem in Argentina, where the annual inflation rate soared above 100% last month. (By comparison, inflation hovers below 5% in the US, where the central bank has raised key interest rates by five percentage points over 14 months.) Argentina’s central bank is also hoping the rate hike will incentivize investments in the country’s currency, according to the central bank’s statement released Monday. “When a central bank raises the interest rate, the effects are felt some two or three months afterward, and that timescale is not effective in Argentina’s situation.”— Elisabeth Buchwald contributed reporting.

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