The Central Bank reform cleared both chambers and returns to the Chamber of Deputies over the Senate's changes

Nothing has changed yet: this is a bill, not a law. What it proposes —and this is how the Executive itself presented it— is to close by statute the two doors through which the Central Bank financed the Treasury: ban unbacked issuance and financing of the fiscal accounts, narrow the Bank's mandate to preserving the value of the currency, and make removing its authorities difficult. The text the Senate passed bans buying national government securities in the primary market and eliminates advances to pay debt service. The timeline, with dates: on Jul 30, 2026 Milei presented it in a national broadcast; on Aug 5 the Finance and the Budget and Treasury committees debated it with Bausili and Werning; on Aug 12 it obtained a majority committee report with 42 signatures out of 73 deputies present; on Aug 26 the Chamber of Deputies gave it first-round approval by 144 votes in favor, 102 against and 9 abstentions; and on Sep 24 the Senate passed it in general by 46 to 22, with changes. With the changes, the president, the vice president and the directors are appointed with the consent of the Senate by absolute majority, and directors serve six-year terms. To remove them, the Executive needs the approval of the Senate by absolute majority; the original text required two-thirds of both chambers. Since the amendments were approved by two-thirds, the bill returns to the Chamber of Deputies, which can only accept the changes or insist on its own version. verif · Sep 24, 2026 ↗

Not in force. The Chamber of Deputies gave it first-round approval on Aug 26, 2026 and the Senate passed it with changes on Sep 24, 2026; it returns to the Chamber of Deputies for final review. Only if the Chamber of Deputies accepts the changes or insists on its text is there a law, and after that promulgation and publication in the Boletín Oficial are still needed. As of Oct 2, 2026 no session of the Chamber of Deputies that took it up was found. verif · Sep 24, 2026 ↗

The Treasury, which would lose the route of financing itself through issuance; the Central Bank itself and its board, whose appointment and removal rules would change; and anyone making decisions beyond a one-year horizon: banks, borrowers, exporters and importers, and every long-lived investment project whose cost of capital hangs on the monetary rule not being changeable by the government of the day. thesis · Aug 12, 2026