Argentina's government announced a package of measures to rein in soaring inflation and support the wobbly peso currency on Sunday, including rate adjustments, more interventions in the exchange market and expedited deals with creditors, Azernews reports citing Reuters.

The measures include an interest rate hike by the central bank, the economy ministry said in a statement. The ministry did not elaborate, but an official source told Reuters the hike would be 600 basis points, bringing the rate up to 97%.

The rate hike will take effect Monday, the source added.

The South American nation is battling to bring down inflation that hit 109% on an annual basis in April. It also faces tumbling confidence in the peso and dwindling foreign currency reserves that are threatening the government's finances.