Argentina's central bank (BCRA) on Monday announced that it is raising its benchmark interest rate to 45 percent following a further depreciation of the peso against the U.S. dollar.

The peso slipped 88 cents to a record low of 30.68 pesos against the dollar. Argentina's policymakers said they will maintain the status quo until October in an attempt to stabilize the peso and hold on to investments in the local currency.

It has been Argentina's fourth interest rate hike this year. Its rate had been at 40 percent since May and is now the highest in any country in the world. The BCRA said in a news release that it took the measure due to inflationary pressure.

Also on Monday, the country's finance minister ordered the central bank to suspend the sale of dollars. Last week, the BCRA was selling 50 million dollars a day on the local market in a bid to shore up the local currency.