Measures Adopted


Last year, the Central Bank continued working on three strategic objectives:

  • - Monetary Stability: sustainable and systematic decrease in the inflation rate.
  • - Financial Stability: development and deepening of the domestic financial system, together with macroprudential supervision and regulation of the financial system in accordance with the best international standards.
  • - Access to Bank Services, Financial Inclusion, and Electronic Means of Payment: reduction in the use of cash, flexible and more secure transactions, and better financial education.

The Central Bank took the following measures, among others:

  • - Launch of the Inflation Targeting Regime with a 7-day repo rate as benchmark rate
  • - Authorization for banks to pay interests on deposits in current accounts
  • - Launch of DEBIN
  • - Stimulus for banks to invest in FinTech
  • - Easing of electronic transfers for the payment of wages
  • - Promotion of competitiveness in the credit and debit card market
  • - Use of a bank alias instead of the 22-digit CBU
  • - Development of more accessible financial services
  • - Relaxation of the regulations on cash in value carriers
  • - Remote opening of sight accounts for natural persons
  • - Granting of $56.3 billion in UVA-adjusted mortgage-backed loans
  • - Removal of limits on bank transfers
  • - Higher financing to exporters
  • - Encouragement to install non-bank ATMs
  • - Simplification of mortgage-backed loans procedure
  • - Use of an alias CBU for all bank accounts since June 1st
  • - Speed up of the destruction pace of worn-out banknotes
  • - Publication of statistics on UVAs market
  • - Changes in regulations on the indebtedness of provinces which implied stricter limits to their creditworthiness.
  • - Easier mechanisms to open bank branches
  • - Removal of the remaining standards on the pervasive foreign exchange controls and simplification of foreign exchange regulations
  • - Authorization for banks to receive tax affidavits voluntarily submitted
  • - Launch of the new $20 banknote
  • - Publication of the new wholesale rate for time deposits
  • - Surveys to banks using the mystery shopping method

The progress made so far is grouped into the following three strategic areas: Monetary and Exchange Policy; Development and Deepening of the Domestic Financial System; and Access to Bank Services and Financial Inclusion and Means of Payment.

1. Monetary and Exchange Policy

  • Benefits for Citizens
  • - Flexibility, stability, and predictability to manage economy at a personal, household and business level.
  • - Stimulus for long-term economic growth and improvement of income distribution as a result of a reduced inflation rate.

Inflation Decreased in 2017

1 The year-on-year variations of 2016 were calculated on the basis of the CPI-NP—weighted average per cost based on the CPI of the City of Buenos Aires, Córdoba and San Luis. 
2 The year-on-year variations of 2016 were calculated on the basis of the CPI-GBA published by INDEC together with the CPI of the City of Buenos Aires. 
Source | INDEC and Statistical Offices of the City of Buenos Aires, San Luis and Córdoba.

Core inflation showed an even steeper fall.
The disinflation process became more evident in the last months.

The stock of LEBAC bills and repos—net of international reserves purchased—remained stable in GDP terms.

Disinflation was achieved with a constant Multilateral Real Exchange Rate (TCRM). This is a novelty in the history of Argentina.

The stock of LEBAC bills and repos—net of international reserves purchased—remained stable in GDP terms.

2. Development and Deepening of the Domestic Financial System

  • Benefits for Citizens
  • More chances to access financing for projects, protection of savings and financial stability, which lead to economic development.

A Strong Recovery of Credit Was Recorded

- UVAs Broaden the Access of Households to Mortgage Loans | Press Release
- Regulation on the Surface Right As Bank Bond | Press Release
- Publication of Statistics on the Market of UVAs | Press Release
- More Transparency: Further Information on the Central Bank Debtors' Database | Press Release
- The BCRA Opens a New Channel of Communication for Financial Services Users | Press Release
- The Central Bank Shall Conduct Surveys to Banks Using the Mystery Shopping Method| Press Release
- Restrictions on Gambling Companies to Have Equity Interest in Banks | Press Release

Mortgage loans

- In real terms s.a; monthly average change

3. Access to Bank Services, Financial Inclusion and Means of Payment

  • Benefits for Citizens
  • Streamlined access to and use of financial services.
  • Flexibility, security, and lower fees for payments and collections.
  • Fight against illegal activities, and higher level of equality in tax burden distribution.

The Central Bank Has Continued Boosting New Means of Payment

- Reduction in banks' fees for transactions with cards.

- 2017 Financial Innovation Hackathon | Press Release
- New Electronic Means of Payment | Communication A 6043
- New Banknote Series. $20 and $1000 Banknotes Are Put into Circulation | Communications A 6335 And A 6380
- The $200 Banknote Wins Award for Best Latin American Banknote | Press Release
- $2 Banknotes Will Be out of Circulation and Replaced by Coins | Press Release
- The Central Bank Directly Provides Coins to Companies | Press Release
- The Central Bank Now Allows to Exchange Foreign Currency in the Streets| Press Release
- New Coin Series ´Trees of the Argentine Republic´. Circulation of $1 And $5 Coins
- Launch of DEBIN | Communication A 6099