Javier Milei announced the reform of the BCRA's Organic Charter and will seek to penalize monetary issuance

In a historic turn that marks the end of the era of fiscal irresponsibility, the National Government has initiated the final phase to dismantle the mechanisms of theft that have sunk Argentina for nearly a century. President Javier Milei confirmed, in a revealing interview on the streaming channel Neura with Alejandro Fantino, that a comprehensive reform of the Organic Charter of the Central Bank of the Argentine Republic (BCRA) has been set in motion with a clear objective: to prohibit and criminalize monetary issuance aimed at financing the fiscal deficit.

This Tuesday became a milestone for economic freedom. Starting at 6:00 PM, the Head of State met at the Quinta de Olivos with his trusted team: the Minister of Economy, Luis "Toto" Caputo; the Minister of Deregulation and State Transformation, Federico Sturzenegger; and the head of the BCRA, Santiago Bausili. The purpose of the meeting was to refine the "unified version" of the reform that seeks, in the words of the president, to "repair 91 years of all the damage done to Argentines".

The core of the reform is the final battle against inflation. Javier Milei was blunt in labeling the monetary issuance to finance the Treasury as a scam and a counterfeiting of currency.

The new regulation will not only explicitly prohibit these practices but will also impose effective criminal sanctions on officials who violate the independence of the monetary authority. “The scam and counterfeiting of currency are criminal offenses. So we can even use parts of the existing Penal Code”, declared the President.

The reform aims to definitively erase the modifications imposed in 2012 by the administration of Mercedes Marcó del Pont, whom the president described as "brutal".

At that time, Kirchnerism eliminated the fundamental mission of defending the value of the currency to impose a "multiple mandate" that served as an excuse for uncontrolled issuance, resulting in the loss of 13 zeros in our currency and leaving us on the brink of hyperinflation. With the new law, the BCRA will once again have as its essential and sole objective monetary stability.

Beyond monetary policy, the Government is working on a revolutionary spending control mechanism. Milei announced the implementation of a "shutdown" system for the Executive Branch: “When you run out of budget, you cannot spend more and the State shuts down”.

This set of reforms is closely linked to other fundamental laws such as the Capital Markets, Fiscal Innocence, and new rules regarding insurance.

As politics stabilizes, the real economy begins to respond vigorously. Today, the Central Bank's reserves jumped USD 1.2 billion, reaching a new high for the Milei era by surpassing USD 49 billion.

Despite the wholesale dollar hitting a nominal record of $1,492 and the retail closing at $1,515, the economic team remains firm, dismissing the pressures from those advocating for currency delay.

With this reform, President Javier Milei seeks not only a technical solution but a moral repair: to put an end forever to the "insult to intellect" of the caste's policies and ensure that Argentina becomes great again.