Argentina Senate advances BCRA reform amid gold reserve dispute

BCRA reform Santiago Bausili gold reserves monetary policy Argentina economy

The Argentine Senate has issued a favorable report on the reform of the Central Bank (BCRA) Organic Charter. The project, supported by the government of Javier Milei, aims to narrow the BCRA's mandate to the preservation of currency value, removing objectives such as economic development and employment. It also seeks to prohibit the Central Bank from directly financing the National Treasury to combat inflation.

During the legislative debate, BCRA President Santiago Bausili defended the reform and addressed questions regarding the bank's gold reserves. Bausili stated that a portion of the gold was moved to the Bank for International Settlements (BIS) in Switzerland in 2024 to convert lower-quality bars into higher-liquidity assets. However, Senator Juliana Di Tullio challenged this testimony, accusing Bausili of lying and claiming the gold is physically located at the Bank of England in London.

Adding to the controversy, the Auditoría General de la Nación (AGN) clarified that its specific audit regarding the traceability of the gold reserves sent abroad has not yet been concluded. The AGN noted that the process was delayed because the BCRA took over a year to provide the necessary documentation.

Entities

Auditoría General de la Nación · Banco Central de la República Argentina · Bank for International Settlements · Banreservas · Cámara de Cuentas · Javier Milei · Juliana Di Tullio · Patricia Bullrich · Santiago Bausili · Senate of Argentina · Tribunal Constitucional · Vladimir Werning

Claims

What the coverage asserts, and how many sources carry each claim.

[● 5 SOURCES] The Senate Economy and Budget commissions issued a favorable report on the BCRA Organic Charter reform. www.cadenamaxima.com.ar · www.mejorinformado.com · economis.com.ar · tn.com.ar · diariopanorama.com
[● 6 SOURCES] The BCRA reform project aims to prioritize the preservation of the currency's value. www.cadenamaxima.com.ar · www.mejorinformado.com · economis.com.ar · tn.com.ar · santiagonoticias.com.ar
[○ 1 SOURCE] The accumulated asset damage from the Central Bank financing the Treasury is estimated at US$550 billion.
[● 4 SOURCES] Gold reserves were moved to the Bank for International Settlements in Switzerland during 2024 to convert lower-quality bars into higher-liquidity gold. diariopanorama.com · fm899.com.ar · santiagonoticias.com.ar
[● 2 SOURCES] The Senate also issued a report on the Inocencia Fiscal II project to facilitate the entry of dollars into the formal economy. www.cadenamaxima.com.ar · economis.com.ar
[● 2 SOURCES] The reform proposes changing the requirements for removing Central Bank authorities to a two-thirds majority in both chambers. titulares.ar
[● 2 SOURCES] The Argentine economy has not experienced growth since 2011, according to BCRA President Santiago Bausili. www.mejorinformado.com
[○ 1 SOURCE] Senator Patricia Bullrich defended the reform, noting that stabilization processes cause economic difficulties but are necessary to prevent inflation. elintransigente.com
[● 2 SOURCES] The AGN stated that the specific audit regarding the traceability of gold sent abroad is still ongoing and has not been concluded. totalnewsagency.com · cuestionentrerriana.com.ar
[● 3 SOURCES] Senator Juliana Di Tullio accused BCRA President Santiago Bausili of lying about gold reserves, claiming they are in London at the Bank of England rather than Switzerland. bairesparatodos.com.ar · www.expresdiario.com.ar · cuestionentrerriana.com.ar