Traders said Argentina’s central bank raised its benchmark interest rate by 950 basis points to 69.50% year-on-year on Thursday, looking to align it with market returns.

The decision came before the July inflation data were released.

The Leliq reference rate for the 28-day period has been adjusted to 69.50% per annum from the previous 60%. Meanwhile, according to analysts, inflation in the country could exceed 90% this year.

Argentina’s central bank raises interest rates to control inflation and stabilize the foreign exchange market.

A positive real interest rate is one of the points agreed upon in a recent debt restructuring agreement between Argentina and the International Monetary Fund (IMF).