Argentina’s Central Bank and auditors clash over gold reserves

Argentina's National Audit Office (AGN) has questioned the Central Bank of Argentina's (BCRA) handling of its financial statements, particularly concerning the management of gold reserves. In its latest audit, the AGN reported that gold derivatives transactions in 2025 resulted in a loss of US$1 billion for the BCRA. These transactions involved using part of the BCRA's gold reserves as collateral in dollar-settled derivatives.

AGN head Juan Manuel Olmos said the bank had engaged in "speculating on a particular trajectory for international gold prices" and made a "wrong calculation." Gold prices surged 64% to US$4,320 an ounce in 2025, marking their largest annual increase since 1979. The AGN also acknowledged that the BCRA had gained more than AR8 trillion (US$5.4 billion) from the revaluation of its physical gold holdings, which were partially offset by losses on the hedging contracts.

The BCRA defended its transactions, arguing that they were part of a hedging policy to protect international reserves against losses from a significant decline in gold prices. The Central Bank also accused the AGN of political motives and maintaining that such conduct "undermines the institution's institutional integrity." The AGN is conducting a separate performance audit of the BCRA's physical gold reserves and their transfer abroad, which is set to determine the reason for the gold transfers, their destinations, and whether they provided any benefit.