To contain rising inflation, Argentina's central bank has reviewed its main interest rate to 69.5%.

Also, the central bank has put up its 28-day monetary policy rate 9.5% percentage points.

The bank raised the rate by 8 percentage points two weeks ago.

"The rise in the policy rate will help reduce inflation expectations for the remainder of the year," the bank said in a statement.

The country's inflation rate has hit a 20-year high of over 70%. It is forecast to reach 90% by the end of 2022.

Controlling soaring prices, tackling high debt levels and reining in government spending in South America's second largest economy are at the top of the agenda for Argentina's latest economy minister, Sergio Massa.

Mr Massa hopes to calm inflation using a more conventional approach than his predecessors.

He is looking at raising interest rates and preventing the printing of more money to fund government spending.

In July, Martín Guzmán resigned as finance minister after being in the role for more than two and a half years. His successor Silvina Batakis lasted just a month in the post.

Earlier this year, Argentina avoided defaulting on a $44bn International Monetary Fund loan.

However, the impact of measures the government has to implement to meet the conditions of the deal is a major cause of concern for many in the country.

In recent weeks, protestors have taken to the streets of the capital Buenos Aires to demonstrate against President Alberto Fernández' handling of the economy.