Javier Milei will use a national broadcast to present a reform of the Central Bank charter that transforms the institution without abolishing it. The address, scheduled for 8 p.m. and recorded at the Casa Rosada with the economic team, will precede the bill's submission to Congress in early August.
The proposal concentrates the institution on two functions: preserving the currency's value and providing liquidity to the financial system. It would remove other tasks the government considers incompatible with monetary stability and permanently prohibit the Central Bank from financing the Treasury.
The ban would cover both direct and indirect mechanisms. A second balance-sheet measure would eliminate non-transferable Treasury notes held by the Central Bank, assets that cannot be traded. The reform therefore changes both the institution's legal mandate and the composition of its accounts.
The fourth pillar concerns governance. The bill would raise the threshold for removing the president and board members and provide greater tenure stability. That structure strengthens continuity under Santiago Bausili and seeks to prevent a political transition from rapidly reversing the institution's direction.
The announcement comes after the Central Bank resumed foreign-currency purchases, acquiring US$36 million and closing with gross reserves of US$49.2 billion. The figure gives the government a favorable setting, but it does not replace the legislative debate over lost powers or the tools available during a liquidity crisis.
Milei built his political identity around a promise to “blow up” the Central Bank. He now proposes what the government describes as an equivalent outcome while retaining a much narrower institution. The next step is the full bill and the still-unconfirmed chamber of entry, where the governing coalition's support will be tested.
