The tightening monetary policies are part of the new central bank chief Luis Caputo’s plans to halt the sell-off in the peso currency.

Meanwhile, President Mauricio Macri is moving to bolster confidence in the economy, obtaining a record $50 billion credit line from the International Monetary Fund following the plunge in the currency.

“The most important objective is to regain the confidence of the markets to lower the cost of financing,” Treasury Minister Nicolas Dujovne said during a conference call. “That’s our No. 1 objective.”

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