Argentina Central Bank reveals gold reserves are held in Switzerland

Argentina's Central Bank President, Santiago Bausili, confirmed that the nation's gold reserves were moved to the Bank for International Settlements (BIS) in Switzerland in 2024. This revelation follows pressure from opposition lawmakers regarding the location of the assets. However, the Auditoría General de la Nación (AGN) reported that it was unable to audit these transfers because the Central Bank failed to provide necessary documentation and claimed that contracts with foreign depositaries did not exist as of late 2024.

Separately, Economy Minister Luis Caputo has faced political scrutiny after urging citizens to move US dollar savings from ‘under the mattress’ into the formal banking system. Critics, including former President Alberto Fernández, pointed to Caputo's own financial disclosures, which show that 95.3% of his deposits are held abroad.

During a recent university lecture, Caputo reaffirmed the government's commitment to an orthodox economic path, emphasizing that the fiscal surplus is ‘untouchable’ and rejecting any plans to increase public spending for electoral purposes. He also addressed the widening gap between the wholesale dollar and the exchange rate band, noting the government's priority remains disinflation.