The ruling party obtained a majority report in the Cámara de Diputados to reform the Organic Charter of Banco Central. The office gathered 42 signatures from La Libertad Avanza and allies of Pro, UCR, Innovación Federal, Independencia, and Producción y Trabajo. The Government intends to include the initiative in a session scheduled for August 26, along with other matters on its economic agenda.
The text maintained the core sent by the Executive Power and incorporated two minor technical changes proposed by the radical Lisandro Nieri. The main modification defines as the central mission of BCRA the preservation of the value of the national currency and eliminates the multiple objectives introduced in 2012. In this way, the project seeks to concentrate the institutional mandate of the monetary authority.
The reform prohibits Banco Central from financing the Treasury and tightens the conditions for removing the president and directors. The Executive Power's decision should be based on specific reasons and receive the approval of two-thirds of those present in both chambers of Congress. It also eliminates the category of freely available reserves, modifies the distribution of profits, and creates a mechanism to gradually cancel non-transferable notes and accumulated temporary advances.
The plenary of the Finance and Budget and Treasury committees included presentations by Miguel Boggiano, Ramiro Castiñeira, Héctor Rubini, and Aldo Abram, who defended the independence of Banco Central and the separation between monetary policy and fiscal needs. Their interventions attributed persistent inflation to the use of issuance to cover deficits and supported an authority focused on protecting the currency.
The tone of some presentations caused protests from Unión por la Patria and also discomfort among allies. Eduardo Falcone, from MID, did not sign the report and demanded a technical discussion; they proposed adding other objectives to the body and applying to the appointment of directors a parliamentary control equivalent to that provided for their removal. Fernando de Andreis, from Pro, questioned the expressions of the guests, although they reaffirmed their bloc's support for the reform.
The report enables the discussion, but it does not yet modify the Organic Charter. To become law, the bill must go through the vote in the chamber and the rest of the legislative process. The date of August 26 reflects the ruling party's planning, not a guaranteed approval. The outcome will depend on maintaining the support that allowed them to gather 42 signatures and on the vote article by article.
