This footage was filmed and produced 26 September 2023.

Among the 40 largest economies in the world, the Argentine economy holds a curious double record: it is the one with the highest monetary policy rate in the world, 118% nominal annual rate, but it turns out that this is in turn the highest rate. Low in “real” terms, that is, once the inflation rate of each country is taken into account.

According to the Boletim Focus of the Central Bank of Brazil, which recently updated this information, at the top of the ranking of nominal rates is Argentina, with its nominal 118%, followed by Turkey with 25% (almost five times less), Hungary 14%, Colombia 13.25% and Russia 13 percent.

The wide differences between Argentina and the rest of the Top 5 nominal rates is one more example of how out of scale the country's inflation rate is or – as economists say in their jargon – how high the “nominality” of the inflation rate is economy.

Precisely for this reason, an increasingly accentuated inflationary process, Argentina goes from leading the ranking of nominal rates to being last in the ranking of real rates of the same group of 40 countries.

If you turn that list upside down, Argentina leads it with a negative “yield” of 25.79%. That is, a one-year deposit at 118% would cause the depositor a real loss of 25.79%, due to the high inflation that the country is experiencing.

This footage illustrates streets of Buenos Aires, Argentina, shops, Central Bank and printing pesos.