The Central Bank approved the financial statements for the 2024 fiscal year, which reflect, thanks to the work of the Government of Javier Milei, a significant improvement in its net worth. This improvement was accompanied by a 56% drop in the entity's liabilities, driven by the elimination of Leliq and a strengthening of international reserves.
During the past year, the entity achieved one of its main objectives: the recomposition of net worth. According to the BCRA itself, this result was the product of a prudent fiscal and monetary policy, which included the restriction of net financing to the Treasury and the suspension, since July 2024, of passive repo operations. In this context, the issuance related to remunerated liabilities was also eliminated.
The close of the 2024 fiscal year showed a profit of $19.4 trillion, which represents a notable improvement compared to the loss of $9.4 trillion recorded in 2023, the last year of the Kirchnerist administration of Alberto Fernández.
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This reversal is explained by several factors, including the increase in income derived from public securities, thanks to a better valuation of portfolio assets, and the decrease in interest payments as a result of the cancellation of remunerated liabilities. Additionally, it wasn't necessary to make accounting adjustments related to non-transferable letters, which also favored the final result.
The net worth reached $23.4 trillion at the end of the year, implying a 484% increase compared to the previous period. Regarding international reserves, the report highlighted a 28% increase in their valuation in dollars.
Regarding liabilities, there was a 56% drop, standing at $93.2 trillion. This contraction was mainly explained by the cancellation of liabilities related to Leliq, the decrease in obligations from repo operations, and the termination of the credit agreement with the Bank for International Settlements.
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Among the most relevant measures highlighted in the report, the agreement reached in July 2024 with banks stands out, through which liquidity option contracts linked to certain public securities were canceled. This measure allowed for the reduction of a contingent liability from $26.7 trillion to $5.7 trillion by the end of the year.
The BCRA Board also solved to restore the levels of capital and reserves prior to the losses experienced in 2023. To this end, it allocated $7.7 trillion to cover losses originated by the valuation of assets under current accounting standards. The surplus, equivalent to $11.7 trillion, was transferred to the National Government as provided by the institution's Charter.
Regarding the prospects for 2025, the BCRA expressed its commitment to continue the process of cleaning up its balance sheet, with the aim of optimizing the quality of its assets. This process aims to ensure that the organization has the necessary tools to meet the objectives defined in its Charter.
