Overview
- President Javier Milei delivered a national broadcast Thursday night, filed a bill to rewrite the BCRA Carta Orgánica and issued a same‑day presidential decree changing migration rules.
- The BCRA reform narrows the bank’s mission to preserve the currency, bans any financing of fiscal deficits and restricts dividend payouts and certain Treasury instruments.
- The proposed 'grillete fiscal' is an automatic rule that would freeze non‑essential state spending and new contracts if deficits persist and Congress fails to restore balance within a set period.
- The package criminalizes central‑bank financing by treating it as fraud that could carry prison terms for officials and politicians who enable issuance, and it raises the bar for removing the BCRA president to two‑thirds in both chambers.
- The moves have provoked domestic opposition and diplomatic complaints, and legal uncertainty is high because past Milei decrees faced court challenges, so a contested congressional process and judicial review are expected next.