Argentina's central bank reform bill reaches the lower house: what would change
Argentina's executive branch sent the bill to overhaul the central bank's charter to the Chamber of Deputies on Friday, a day after President Javier Milei outlined it in a nationwide broadcast. The measure will formally enter the parliamentary record on Monday and be referred to committees; the government hopes to pass it in August.
Argentina's central bank reform bill, outlined by President Javier Milei in a national address, has passed to the Chamber of Deputies. The legislation, organized around six key points, aims to clarify the central bank's mission to preserve currency value, stripping it of broader responsibilities. It eliminates the board's ability to channel credit to small businesses and regional economies.
Board members can be removed only for clear failures, requiring approval from both chambers by a two-thirds majority. The bill also prohibits all financing to the public sector, including loans to the national government and municipalities. Profit distribution is limited to realized and liquid earnings, with reserves required to cover at least half of the bank's capital.
The reform package also includes measures to control state operations and reforms in the capital markets and insurance sector.
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