Central Bank's charter reform bill to be debated

Expected to go faster than light, and with the stellar presence of Central Bank’s Governor Mercedes Marcó del Pont, the Budget and Finance, and National Economy and Investment committees approved the Central Bank’s charter reform draft bill and it will be debated on Wednesday at the Upper House floor.

During the debate, Marcó del Pont called the reform "historic", and added "this is a giant step towards monetary independence that will be achieved once the reform is passed."

Likewise, the CB governor indicated that Argentina's foreign currency reserves are

"more than enough", and remarked that "if we don't go after international credit, we'll always have to clear our debt with the international reserves."

Furthermore, Marcó del Pont explained that the reform will allow the Central Bank "to transfer up to 12 percent of its monetary funds."

The bill will be debated at the Upper House of Congress on Wednesday and it is expected to be approved the same day.

However, opposition blocs such as the Radical Party and the Civic Coalition will propose certain modifications. But at this point nothing seems to stop the national government from passing the bill and acquiring another cash cow –transferable Central Bank reserves reach up to 45 billion dollars- to reduce the need for both deficit financing and austerity.

The reform will also empower the government to set a new reserves minimum limit needed to guarantee the country’s monetary base. By lowering the limit, the government grants access to some more fresh cash in order to pay out debt-holders.