BCRA President Santiago Bausili discusses currency swaps and reserves

Santiago Bausili, President of the Central Bank of the Argentine Republic (BCRA), detailed the status of international currency swaps during a press conference regarding the third quarter 2026 Monetary Policy Report. Bausili confirmed that a USD 5 billion portion of the swap agreement with the Bank of China remains activated and available. In contrast, he noted that while an agreement with the United States reaches USD 20 billion, it operates under a different modality and does not have an activated portion.

Addressing potential economic volatility during the 2027 presidential elections, Bausili stated that Argentina is better prepared than in previous crises due to stronger economic fundamentals and foreign exchange accumulation. The BCRA reported that dollar purchases by the entity have exceeded USD 15.8 billion so far this year.

Bausili also addressed criticisms regarding the management of gold reserves and potential conflicts of interest involving his former employer, Deutsche Bank. He denied claims of losses in gold holdings, stating, “We have nothing in England,” and clarified that using Deutsche Bank for hedging purposes complies with Public Ethics Law requirements.