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[POLITICS] · Argentina · 49 sources

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Argentina's Chamber of Deputies approves Central Bank reform FAST-MOVING

The Argentine Chamber of Deputies has granted preliminary approval to a major reform of the Central Bank's (BCRA) Organic Charter. The project, a key economic priority for President Javier Milei's administration, passed with 144 votes in favor, 102 against, and 9 abstentions. The bill now moves to the Senate for further consideration.

The reform aims to establish the preservation of the currency's value as the Central Bank's sole primary mission, removing previous mandates related to employment and social equity. Key provisions include an explicit prohibition on the Central Bank providing direct or indirect financing to the National Treasury, provinces, or the City of Buenos Aires. This includes banning transitory advances and restricting the purchase of government bonds in the primary market.

Additionally, the reform seeks to increase the independence of the bank's leadership by making it more difficult to remove the president and directors. Such removals would require a two-thirds majority of both chambers of Congress. The legislation also places restrictions on the transfer of Central Bank profits to the Treasury, mandating that such funds be used primarily to cancel public debt.

Entities

Central Bank of Argentina · Central Bank of the Argentine Republic · Chamber of Deputies · Javier Milei · Luis Caputo · Martín Menem · Pablo Juliano · Santiago Pauli · Union por la Patria

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about 2 hours ago