Argentina President Javier Milei proposes sweeping central‑bank reform to ban government financing

President Javier Milei outlined a reform of the Banco Central de la República Argentina (BCRA) that would restore the institution’s primary mission of preserving the value of the peso, strengthen its independence and bar any financing of the national treasury, provincial and municipal governments. The proposal also forbids the central bank from buying government bonds in the primary market and requires a two‑thirds parliamentary vote to replace the board.

The reform text was published in Clarín ahead of a visit by International Monetary Fund Managing Director Kristalina Georgieva, whose organization is Argentina’s largest creditor and has voiced support for the changes as a way to help the country return to international capital markets. Milei claimed the plan would end “91 years of expropriation” and cited a drop in annual inflation from about 161 % at the start of his term to 33.5 %.

If enacted, the law would reshape monetary policy, limit central‑bank credit to the public sector and could influence Argentina’s access to foreign financing.