Gov’t enacts Central Bank’s charter reform

The government has enacted the Central Bank‘s charter reform as it was published today at the Official Gazette as decree 462/2012 and six days after being passed by the Senate.

The decree is signed by President Cristina Fernández de Kirchner, Cabinet Chief Juan Manuel Abal Medina, and Economy Minister Hernán Lorenzino.

Thus, the new bill (number 26,739) allows the Central Bank to transfer to the Executive branch foreign currency reserves up to 10 percent of the total reserves collected by the national government within the last 12 months in case of exceptional need and/or cases where either the national or international economy require the immediate unfold of cash.   

The bill was passed on March 22 by the Upper House after obtaining 42 votes in favour and 19 against.