Argentina Central Bank faces scrutiny over gold reserves and mandate reform

Argentine Senator Adán Bahl has proposed a dual mandate for the Central Bank of the Argentine Republic (BCRA) as part of a debate over the institution's organic charter reform. The proposal seeks to maintain price stability as a primary goal while adding a second mandate to promote maximum sustainable employment, drawing on models used by the U.S. Federal Reserve and the European Central Bank.

Simultaneously, BCRA President Santiago Bausili is facing intense scrutiny from the Senate and the Justicialist Party (PJ) regarding the location and traceability of the country's gold reserves. Bausili testified that the gold is physically held at the Bank for International Settlements (BIS) in Switzerland and that previous audits were completed without observations.

However, opposition legislators and the National Audit Office (AGN) have challenged these claims. The AGN reported that it has not yet concluded its analysis of the gold's traceability due to delays by the Central Bank in providing necessary documentation. Furthermore, some senators contend that the gold is actually located at the Bank of England in London, despite being registered to the BIS.