President Javier Milei advances central bank reform and broader legislative agenda

President Javier Milei presented a draft reform of the Argentine Central Bank (BCRA) to deputies and senators of La Libertad Avanza. The proposal sets the BCRA’s sole mandate on preserving the peso’s value, bans any financing of the Treasury, eliminates the use of non‑transferable Treasury letters, tightens governance by raising removal thresholds for the bank’s president and board, and restricts the distribution of profits except in deflationary scenarios. The government plans to submit the bill to Congress in August after a presentation by Milei.

Simultaneously, Milei’s administration has reconvened the “mesa política” – a high‑level coordination body – to organise the legislative rollout of the reform alongside other priority projects, notably the suspension of the primary elections (PASO). The meetings, held at the Casa Rosada and chaired by the secretary‑general Karina Milei and chief of staff Diego Santilli, have involved the president, the heads of the Chamber of Deputies, the Senate block, the economy minister Luis Caputo and other senior officials. The agenda also includes discussions on the law of Inviolability of Private Property and the “Inocencia Fiscal” regime, with coordination for potential climate‑related emergency planning ahead of the winter recess.