Argentina's Fernandez bets on 'superministry' to stop economic bleeding

FILE PHOTO: Sergio Massa, President of the Chamber of Deputies, addresses the audience as Argentina's President Alberto Fernandez gestures during an event after midterm elections in Buenos Aires, Argentina, November 14, 2021. REUTERS/Agustin Marcarian/File Photo

BUENOS AIRES (Reuters) - Argentine President Alberto Fernandez launched his latest effort to tackle an economy in crisis on Thursday, tapping one of the ruling coalition's most powerful figures to lead a new "superministry" on the same day the central bank hiked interest rates to 60%.

Fernandez picked politician Sergio Massa for the new role overseeing economic, manufacturing and agricultural policy. Massa currently heads the lower house of Congress for the ruling Peronist coalition.