A Key Step Toward Monetary Stability
On August 12, 2026, the ruling libertarian coalition, La Libertad Avanza (led by President Javier Milei), secured the committee approval needed to pass a project modifying the Organic Charter of the Central Bank of Argentina (BCRA, for its Spanish acronym). With the support of traditional allied parties like the PRO, the UCR (Radical Civic Union), Innovación Federal, and Producción y Trabajo, they gathered 42 signatures in a joint meeting of the Budget and Finance committees.
The initiative, one of the presidential administration's priority projects, is now ready to be debated on the congressional floor on August 26, 2026, alongside the 'Tax Innocence II' legislative package.
What Changes Does the Reform Propose?
- Single Objective: The BCRA will have the sole goal of preserving the value of the currency. It eliminates previous objectives established in 2012, such as promoting employment and economic development with social equity.
- End to Treasury Financing: It explicitly prohibits the direct or indirect financing of the public sector, eliminating temporary advances and the direct purchase of government bonds.
- Elimination of Non-Transferable Notes: It phases out 'Letras Intransferibles', a historical debt instrument often used by previous governments to finance themselves indirectly through the Central Bank.
- Institutional Shielding: Removing the BCRA president will now require a serious cause and a two-thirds vote from both chambers of Congress.
A Tense but Fruitful Debate
The joint committee meeting was marked by intense debate. The ruling party invited media-famous economists like Miguel Boggiano, Héctor Rubini, Ramiro Castiñeira, and Aldo Abram to speak in favor of the project.
Boggiano's speech caused a stir when he stated that governments of various political stripes had historically used the BCRA to systematically defraud society. This caused complaints from allies like the PRO and the MID, as well as the walkout of the main opposition coalition, Unión por la Patria (UxP), led by Peronism.
UxP Deputy Itai Hagman criticized the invited guests. However, after clarifications and apologies from libertarian legislators Silvana Giudici and Gabriel Bornoroni, the ruling party managed to repair ties with its allies and secure the committee ruling.