Argentina's central bank board will discuss the possibility of raising its benchmark interest rate further from the current 118 percent at a meeting later this week in a bid to rein in triple-digit inflation, a person familiar with the matter said on Monday.
Annual inflation in Latin America's third-largest economy hit a 32-year high of 124 percent in August.
"No decision has been made yet, there are those who want to keep (interest rates) on hold and those who want to raise them," said the source, who asked not to be named.
Argentina's central bank board meets every Thursday, but monetary policy decisions can be made at any time.
Higher interest rates could encourage Argentines to convert their savings into pesos and ease pressure on the currency less than two weeks before the country's presidential election. On Monday, the Argentine peso fell to 945 to the dollar on the black market, down nearly 7% from Friday's close.