He Central Bank of the Argentine Republic (BCRA) announced his Goals and plans for 2026a strategic document setting priorities Continuity of the disinflation processThe financial stability and the sustainable strengthening of international reserves.
He also referred to the Cancellation of company stock holdings and said this will depend in part on the level of access to financial debt markets.
The official roadmap aims to consolidate an economy remonetized, more inclusive and with greater financial depthsupported by the digital transformation and innovation of the payment system.
According to the organism that leads Santiago BausiliThe current macroeconomic scenario allows the planning horizon to be extended beyond the short term. Within this framework, the headquarters seeks to deepen the progress made since 2024, with a focus on the Financial coordination with the Ministry of FinanceThe final elimination of paid liabilities and the Normalization of monetary liquidityPillars considered essential to maintaining low inflation and a more robust external balance.
“In 2026, the BCRA will develop its policies aligned with the main objectives of the Economic Stabilization Program: advance the disinflation process, broaden the horizons of financial stability and lay the foundation for sustainable economic growth. The progress made since 2024 in coordination with the Ministry of Finance made it possible to eliminate fiscal and financial dominance and eliminate excess monetary liquidity (overhang) was taken over and BCRA’s balance sheet was cleaned up,” he emphasizes.
The report defines this phase as a process of Remonetization consistent with the growth of productive activitysupported by institutional credibility, exchange rate flexibility and a fiscal environment with less pressure on monetary policy.
Monetary policy: contractionary bias and control of aggregates
In monetary matters, the BCRA ratified a contractive orientationwhereby a central role is assigned Control of monetary aggregates. The expansion of the money supply will gradually accompany the recovery of demand, but within narrow limits consistent with price stability.
Of the January 1, 2026the headquarters will implement a Pre-announced international reserve purchase programwhich aims to enable remonetization without causing excessive expansion of the monetary base. Policy is calibrated based on the evolution of inflation, economic activity and financial conditions, the key variables driving money demand.
As long as domestic inflation remains above international inflation, The organization will maintain the contractionary tendency and the use of traditional instruments such as: Open market operations and repos, with interest rates aligned with secondary market values LECAPs. In addition, the BCRA will resume the quarterly publication of the Monetary Policy Reportthereby reaffirming its commitment to transparency.
Reserves, reserves and external balance
The headquarters will continue to work with the Normalization of bank reserve policyin recognition of its impact on financial intermediation. “Any change will be made in line with price stability and credit restoration,” the company said.
Regarding reserves, there is a scheme of programmed purchases of currencies on the foreign exchange marketwith an initial shareholding equivalent to 5% of daily traded volumeadjustable according to the growth of money demand. In light of episodes of volatility, the BCRA reserves the right to carry out the transaction Bulk purchases to stabilize the market.
The official statement emphasizes that this process is accompanied by the Restoring Treasury access to international debt marketswhich would enable refinancing of maturities without drawing on reserves. “In this way, the flow of purchases will lead to a real increase in the stock of international reserves,” the monetary authority explained.
Exchange regimes and mobile bands
If we refer to the dollar, the exchange rate system will continue to operate according to one pattern until 2026 managed flotation with moving belts. Starting in January, the limits of the band will be adjusted monthly with a two-month lag based on the latest inflation data from Indec. These bands serve as a buffer against sudden exchange rate fluctuationsThis allows the BCRA to intervene in extreme cases when market conditions require it.
“The stock market will continue to function under a Floating regime between bands. From January 1, 2026 The upper and lower bounds of the exchange rate float band change each month at the rate corresponding to the most recent monthly inflation data. reported by INDEC (i.e. with a delay of two months, t-2). “The exchange rate floating bands will continue to serve the function of limiting the risk of extreme and abrupt exchange rate fluctuations,” the BCRA said.
Financial system: credit expansion
From the perspective of the central government, the Argentine financial system will reach the year 2026 solid solvency, liquidity and capitalization levels. Lending to the private sector doubled from 2024 lows, and at the end of the third quarter of 2025, the real loan balance grew 63.4% year-on-year. The mortgage segment is also witnessing an upward trend with almost 172,000 debtors until September 2025.
Official forecasts suggest that financial intermediation will continue to increase due to favorable operating margins and a more stable macroeconomic environment. This is intended to make it easier for companies and families to access financing.
Digital payments and currency competition
In the innovation axis, Agenda 2026 prioritizes the consolidation of Transfers 3.0a system that has already positioned instant and QR payments as dominant tools in the retail segment, which is almost the case 95% of GDP in 2025. The goal is to move towards full interoperability between card payments in pesos and dollars, promoting currency competition and expanding financial inclusion.
“Increasing confidence in weight and flexibility in use.” of the dollar will facilitate the development of full competition between currencies. In this way, financial intermediation with the private sector is expected to continue to increase for both the non-tradable and tradable sectors. “In addition to promoting investment under the RIGI, greater intermediation is expected to contribute to the ability to expand economic activity,” he explained.
The development of new transfer payment modalities and the implementation of Electronic credit collection toolswith higher security standards. At the same time, the use of the Open Financial System (OFS) and the programs are expanding Financial literacy through the BCRA campus and agreements with provinces.
Reforms and phasing out shares for companies
The institutional framework designed for 2026 suggests that the effectiveness of these measures would be improved with the approval of Structural reformssuch as work modernization, tax relief and institutional strengthening. According to BCRA, these measures would facilitate remonetization, They would increase productivity and promote growth, employment and poverty reduction.
Finally, the organization assumed that with the consolidation of external strengthening and access to markets, it will be possible to achieve gradual progress in the industry Lifting of the restrictions still in forcesuch as paying dividends and trade debts before 2025.
In particular, the BCRA noted the flexibility of shares for companies, which will depend in part on the level of access to international debt markets. “In order to preserve the conditions of financial stability, the BCRA will continue to calibrate its macro- and micro-prudential policies next year to adapt them to the specifics of the local context, in line with best international practices in this area.” To the extent that progress is observed in strengthening the balance in the foreign exchange market and smooth access of the Treasury to external markets, the BCRA may consider it appropriate to continue to make the foreign exchange restrictions more flexible. which remain on dividend holdings and payment of trade debts before 2025,” he concluded.
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