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"The truth is that I work with the car and it's like looking for water in the desert," said 38-year-old Cabify driver Raul Paretto. "It is distressing because you don't know on a day-to-day basis what can happen; we are living one day at a time." EXPORT HALT THREATOil executives cited planned halts at local refineries, which provide 80% of domestic supply, and the country's scarce foreign currency reserves that have held up imports. Argentina's government has fixed a local oil price at $56 per barrel, far below the international price around $86 to try to calm local inflation of nearly 140%. loadingA second industry source, also declining to be named, also said that the issue was not output, but issues in refining the crude oil and the hurdles to bringing in imports.
Persons: Sergio Massa, Javier Milei, Raul Paretto, Leonardo Villa, Jorge Chemes, Massa, Vaca Muerta, Eliana Raszewski, Claudia Martini, Maximilian Heath, Adam Jourdan, Barbara Lewis, Jonathan Oatis Organizations: Argentine Rural Confederations, Reuters, Thomson Locations: BUENOS AIRES, Argentine, Peronist, Buenos Aires, Argentina, Vaca
BOGOTA, Feb 14 (Reuters) - Colombia's central bank may need to consider additional hikes to its benchmark interest rate, depending on how inflation in Latin America's fourth-largest economy behaves, the International Monetary Fund (IMF) said in a statement on Tuesday. The board of Colombia's central bank has raised borrowing costs by a total of 1,100 points to 12.75%, its highest rate since 1999, since launching into an upward monetary cycle in September 2021. "Additional increases in the monetary policy rate could be necessary depending on the evolution of inflation, inflation expectations, and conditions of demand, among other factors," the IMF said. Last week central bank board chief Leonardo Villar warned that inflation in the Andean country had yet to top out, which will likely lead to a more restrictive monetary policy than expected. That sentiment was echoed by the IMF, which said Colombia's central bank will have to maintain a restrictive monetary police until after 2023.
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