BUENOS AIRES, Dec 16 (Reuters) - Argentina"s central bank is analyzing the possibility of raising its benchmark interest rate, a source at the bank said on Thursday, amid stubbornly high inflation domestically and around the region that has seen a spate of rate increases elsewhere. The South American country"s benchmark rate has been held almost static at 38% since early last year, while annualized inflation is currently running at over 50% - in effect creating a negative rate. "We are analyzing a rate hike," said the central bank source, who asked not to be named. "We have considered having positive rates. If it is not positive and there are still problems with inflation, the idea is that the rate remains slightly negative," the person said. Argentina is racing to strike a deal with the International Monetary Fund for a new program to replace a failed 2018 deal under the previous government. An economic plan, including plans to tame inflation, is central to that agreement. The source added that an agreement being sought between Argentina and the IMF to roll over some $45 billion in debts would allow the bank to replenish depleted reserves. "If there is an agreement with the IMF, we will accumulate reserves next year," the source said, at a time when the bank is having to spend heavily in dollars to contain devaluation of the local peso, which could further fuel inflation. "We need to correct expectations. The agreement will boost financing and the arrival of capital," the person added.