Argentina moves to legally lock in central bank reforms under Milei's agenda
The Milei administration has introduced a draft law to embed new rules for the central bank, aiming to curb fiscal financing and anchor monetary stability.
In July 2026 the Milei government unveiled a draft amendment to the organic law governing the Banco Central de la República Argentina (BCRA), designed to institutionalise recent policy shifts. The text would restrict the bank's role in financing public deficits, tighten rules on temporary advances, and reshape the leadership's accountability. These measures build on earlier fiscal shock therapy, the 2025 IMF program, the lifting of capital controls and a modest rebound in dollar reserves, which together have lowered the country's risk premium.
The reform also introduces a rule-based exchange-rate band linked to inflation data published by INDEC. Although still a proposal, the bill signals an attempt to anchor monetary policy beyond the current administration, echoing similar constitutional safeguards used in Poland.
