BUENOS AIRES (Reuters) -Argentina's central bank cut its benchmark interest rate by 300 basis points to settle at 29%, it announced in a statement on Thursday, as inflation continues its downward path in South America's No. 2 economy.

Argentina’s Central Bank cut its benchmark interest rate by 300 basis points to 29 percent as inflation continues to slow in South America’s second-biggest economy. The bank’s board said the cut was due to reduced inflation expectations and that the new rate takes effect Friday, according to an emailed statement.

Traders and analysts expect Argentina's central bank to lower its benchmark interest rate as soon as Thursday, as inflation falls sharply and as the bank is set to slow the monthly pace of devaluation of the local peso currency.

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