10/07/2026 09:05 - Economia
On July 9, 2026, after attending the traditional "Tedeum" ceremony celebrating the 210th anniversary of Argentina's Independence Day at the Metropolitan Cathedral, President Javier Milei convened a Cabinet meeting at the Casa Rosada (the Argentine equivalent of the White House). The meeting, which lasted less than an hour, focused on presenting a draft bill to reform the Charter of the Central Bank of the Argentine Republic (BCRA). The bill is expected to be sent to the National Congress in the coming weeks.
Hours before the meeting, the Archbishop of Buenos Aires, Jorge Garcia Cuerva, delivered a homily questioning the path of the Executive Branch and warning about the situation of the most vulnerable sectors. Vice President Victoria Villarruel described the speech as "very appropriate and very real." In a climate of institutional dialogue, the Government decided not to respond directly to the criticism in order to focus on the management agenda and the country's economic transformation.
According to an analysis published in Ambito Financiero, the Government will pursue two fundamental objectives with this reform: to refocus the BCRA's mandate on defending the value of the currency and, most importantly, to close or tighten the channels through which the BCRA can finance the National Treasury.
Experts note that the initiative has enormous potential. In 2011, before the 2012 reform, the sub-index of limits on Treasury financing was 0.58, leaving 42% of possible legal protection unshielded, well below the Latin American average of 0.84. This means the loophole used to finance the fiscal deficit already existed in the law. If the Government manages to firmly close this avenue, it would establish a stricter legal order than at any other time in recent history, shaping up to be one of the best pieces of monetary news for Argentina.
Minutes before the meeting, the President stepped out onto the iconic balcony of the Casa Rosada to greet a group of people gathered outside the gates, in a climate of celebration and applause. This meeting also marked an institutional milestone: it is the first political cabinet meeting without former spokesperson Manuel Adorni, now led by Diego Santilli as the new Cabinet Chief since June 30, 2026.
Official sources indicated that the political cabinet will meet on a weekly basis to monitor the Government's main initiatives and the parliamentary agenda, reactivating dialogue with governors from various political forces to drive the reforms the country needs for the future.
Source: El Destape Web
Alfredo S. Quiroga
