Milei Presents Reforms for the BCRA and Denounces the Inflation Tax Scam

The President of Argentina, Javier Milei, presented a new Organic Charter of the Central Bank of the Argentine Republic (BCRA) during a national broadcast on July 30, 2026. Milei stated that this reform aims to put an end to the "scam of counterfeiting money to finance high politics," known as the inflation tax, which allows the state to increase revenues without Congressional authorization. The accumulated inflation since 1935 amounts to 12,819,532,788,614,400,000%. Milei detailed five key points of the reform: 1) to restore the BCRA's mission to preserve the value of the currency; 2) to prohibit it from financing the National Treasury; 3) to require a two-thirds majority to remove the president of the BCRA; 4) to restrict the payment of dividends from reserves; 5) to eliminate changes from 2012, including non-transferable letters. Additionally, he announced a "fiscal shackles" that halts non-essential spending if there is a fiscal deficit and a reform to enable corporate bonds in foreign currency. Milei urged Congress to support the reform package, which will be sent for debate.