Milei sends bill to overhaul Argentina's central bank charter
Argentine President Javier Milei has sent a bill to Congress to overhaul the charter of the Central Bank of Argentina (BCRA). The reform would make preserving the currency's value the BCRA's sole mandate and ban the bank from financing state deficits, reversing a 2012 law.
President Javier Milei announced the bill during a national address on July 30, 2026, and it was formally sent to Congress this week. The legislation would rewrite the charter of the Central Bank of Argentina (BCRA), giving the institution a single mandate: preserving the value of the peso.
The proposal would explicitly ban the BCRA from financing the national government's budget deficit, a practice that fueled decades of runaway inflation before Milei took office in 2023. It reverses a 2012 amendment that had allowed the bank to lend directly to the treasury, a change Milei blames for entrenching fiscal indiscipline.
The bill still needs approval from both chambers of Congress, where Milei's La Libertad Avanza holds a minority. Economists say passage would formalize the anti-inflation approach the government has pursued administratively since 2024, giving investors a legal guarantee against renewed deficit monetization and currency debasement.
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