[REVISION HISTORY]

Argentina Senate passes BCRA reform and gas subsidy changes

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2026-09-25 21:27 UTC → 2026-09-26 01:51 UTC · added ~~removed~~

The Argentine Senate has passed two significant legislative measures: a reform of the Central Bank (BCRA) organic charter and a modification of the ‘Zonas Frías’ (Cold Zones) gas subsidy regime. The BCRA reform, which must return to the Chamber of Deputies for review due to Senate amendments, aims to redefine the bank’s mandate to focus primarily on preserving currency value and prohibits the direct or indirect financing of the National Treasury or provinces. Notably, the Senate modified the original proposal by reducing the requirement for removing directors from a two-thirds majority to an absolute majority, asserting that the Senate holds exclusive competence over these decisions. The reform also allows the institution to utilize its external reserves, including gold and liquid assets. The measure passed with 46 votes in favor and 22 against. Simultaneously, the Senate approved changes to the ‘Zonas Frías’ regime, which restricts automatic gas subsidies to the Patagonia, Puna, and Malargüe regions. This reform removes automatic subsidies for approximately 90 to 94 municipalities in provinces such as Buenos Aires, Córdoba, La Pampa, Mendoza, and San Luis. This move reverses an expansion implemented in 2021. Under the new law, residents in these areas can only access targeted energy subsidies if they meet specific socioeconomic criteria, such as household income falling below three basic baskets, or if they are people with disabilities or Malvinas veterans. Officials estimate that approximately 1.6 million households will lose the automatic benefit. The gas subsidy calculation will also shift to be applied to the ‘Precio de Ingreso al Sistema de Transporte’ (PIST) rather than the total bill, which may lead to increased costs for many ~~users.~~ users, with some seeing bills rise by up to 50%. The gas subsidy reform passed with 38 votes in favor and 8 against.

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