Argentina's President Mauricio Macri has announced emergency measures to control the slide of the country's currency, including new taxes on exports and cutting government ministries by half.

Macri, who was elected in December 2015 on a pro-business platform, also said on Monday his government would reinstate export taxes on agricultural products, backtracking on a major campaign promise.

The austerity move comes three days after Argentina's Central Bank raised interest rates to 60 percent - the world's highest.

Al Jazeera's Teresa Bo reports from Buenos Aires.


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