Kirchner ruin: Argentina’s Central Bank admits losses of 41.7 billion euros

He Central Bank of the Argentine Republic (BCRA) unveiled an adjustment to Treasury assets on its balance sheet “to be fair and improve the quality of the institution’s information.” This change resulted in the recognition of losses amounting to P43,860 billion, which about 41.7 billion euros.

The emergence of this accounting reality is due to the fact that the BCRA changed its Accounting Policy Manual to adapt it to realistic criteria, in fact they were still used methods that are not permitted by Argentine law itself: For the valuation of non-transferable bills, “technical value” was used, and for temporary advances, “face value”. This criterion did not allow the recognition that the market value of Argentine sovereign debt securities was 40% of their nominal value in the markets.

Own Javier Mileywho took office as president of the country on December 10, commented on these data in his X account, accusing Kirchnerism is that the country is on the verge of hyperinflation: “And then they deny that they left hyperinflation… if they weren’t so crude in terms of monetary analysis, they would know that the downside of central bank failure is a much higher price level (hence hyperinflation). …”.

BCRA has been heading since December 11 Santiago Bausilian economist who was already a senior official in the Ministry of Economy under the Macri government, who seeks to clean up the organization’s balance sheet and, of course, stopped issuing currency to finance government spending, a prerequisite for stopping inflation I was shot, but what are they doing we are beginning to see the first signs of price stagnation.