28D is the term used to refer to the 28 December 2017 press conference of the

Central Bank of Argentina The Central Bank of the Argentine Republic (, BCRA) is the central bank of Argentina, being an autarchic entity. Article 3 of the Organic Charter lists the objectives of this Institution: “The bank aims to promote, to the extent of its powers ...

together with the

Treasury A treasury is either *A government department related to finance and taxation, a finance ministry; in a business context, corporate treasury. *A place or location where treasure, such as currency or precious items are kept. These can be ...

in which they changed their

inflation target In macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that moneta ...

. This event is the beginning of the loss of confidence that sparked the beginning of the

2018 Argentine monetary crisis Eighteen or 18 may refer to: * 18 (number) * One of the years 18 BC, AD 18, 1918, 2018 Film, television and entertainment * ''18'' (film), a 1993 Taiwanese experimental film based on the short story ''God's Dice'' * ''Eighteen'' (film), a 2 ...

Background

Inflation In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...

in 2017 was 25% and the Macri's administration was coming off a major victory in the

legislative elections A general election is an electoral process to choose most or all members of a governing body at the same time. They are distinct from by-elections, which fill individual seats that have become vacant between general elections. General elections ...

. On 28 December, the change in inflation targets for 2018 was announced, which was 10% annually and was raised to 15%. Many read this measure as it was an advance of the Chief of Cabinet and the Ministers of Treasury and

Public Finance Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. Within academic settings, public finance is a widely studied subject in man ...

on the independence of the

Central Bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

Bibliography

2017 in Argentina 2017 in economic history Economy of Argentina {{Economy-stub