On Thursday, Argentina’s Central Bank hiked interest rates by three percentage points to 33.25%. This the second increase in less than a week. However, the value of the peso continues to fall. Analysts say the crisis is escalating and looks set to continue. Argentina is in the middle of a pro-market economic reform program under President Mauricio Macri, who is seeking to reverse years of protectionism and high government spending under his predecessor. Inflation was at 25% in 2017, the highest rate in Latin America except for Venezuela. This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.