Friday, July 31st 2026 - 23:11 UTC
The reform is part of a package that includes what the government calls the fiscal shackle
Argentina's executive branch sent the bill to overhaul the central bank's charter to the Chamber of Deputies on Friday, a day after President Javier Milei outlined it in a nationwide broadcast. The measure will formally enter the parliamentary record on Monday and be referred to committees; the government hopes to pass it in August.
The text is organized around six pillars. The first replaces article 3 of the current statute to establish that the institution's primary and fundamental mission is to preserve the value of the currency. It thereby supersedes the multiple mandate set in 2012, under Cristina Fernández de Kirchner, which included financial stability, employment and economic development with social equity. According to the bill's rationale, a central bank charged with everything cannot be held accountable for anything. The bill also strips the board of powers to channel credit toward small businesses and regional economies.
The second pillar sets specific grounds for removing board members, limited to serious and manifest failures arising from precise facts. Removal would require an executive decree with prior approval by both chambers, by a two-thirds majority of members present. It scraps the bicameral committee mechanism used in 2010, when the government sought to remove Martín Redrado as bank president, and eliminates the presence of an Economy Ministry representative at board meetings.
