Los principales puntos de la reforma del Banco Central que anunciará Milei en cadena nacional

President Javier Milei will announce a sweeping reform of the Bank of Argentina’s Organic Charter through a nationwide broadcast tomorrow, Thursday, July 30. The proposed legislation aims to overhaul the central bank's structure and mandate, with the goal of reinforcing its independence and preventing future governments from using it to finance public spending. The initiative was jointly drafted by the Ministry of Economy, led by Luis Caputo, and the Ministry of Deregulation and State Transformation, headed by Federico Sturzenegger, alongside Bank of Argentina President Santiago Bausili. The reform seeks to eliminate several provisions introduced during the last major revision of the Organic Charter in 2012 under former President Cristina Kirchner. According to government officials, the changes are intended to solidify the economic program currently in place, strengthen the autonomy of the monetary authority, and close the door to future administrations leveraging the central bank to fund public expenditures. This would effectively remove mechanisms that allowed the state to access financing through the central bank, including the purchase of public debt in the primary market. According to Milei, the new Organic Charter will be structured around five key modifications aimed at fundamentally altering the operation of the monetary authority. He described the reform as an effort to bring an end to 91 years of existing practices and reshape the role of the central bank. One of the main changes involves redefining the central bank’s primary mandate. The current charter outlines five objectives, which the government plans to replace with a singular focus on preserving the value of the currency. This shift stems from the belief that inflation is primarily a monetary phenomenon caused by excess money supply, either through increased issuance or decreased demand, which ultimately reduces the purchasing power of the currency. Another critical point is the strict prohibition against financing the state. The restriction applies to both the national treasury and subnational entities such as provinces and municipalities. It includes banning the purchase of domestic public securities in the primary market. The proposal limits or prohibits both direct and indirect financing by the central bank to the Treasury, as well as temporary advances, transfers of accounting profits, and the use of instruments like non-transferable letters. Milei criticized the seigniorage used to fund the public sector as a form of "counterfeiting money," arguing that the reform aims to prevent monetary emission from being used to cover fiscal imbalances. A third key element focuses on strengthening the stability of the central bank’s leadership amid political shifts. While the current mechanism for appointing the president and members of the Board of Directors will remain in place, removal would require a supermajority. Specifically, replacing the head of the Bank of Argentina or one of its directors would necessitate support from two-thirds of both the Senate and the Chamber of Deputies. Currently, removal does not require approval from both chambers with this level of majority. The administration argues that this change will reduce pressure from the executive branch over the monetary authority and prevent dismissals linked to efforts to pursue more expansionary monetary policies. Additionally, the text introduces a regime of responsibilities and penalties for officials who authorize the use of the central bank as a funding source for fiscal deficits. The fourth modification concerns the distribution of the results generated by the institution. The proposal restricts the payment of dividends derived from the results of liquidity services. According to Milei, assets existing as of December 31, 2026, will be accounted for in units fixed at the exchange rate prevailing on that date.