In accordance with section 42 of the Central Bank's Charter """prior to the beginning of each financial year, the Bank shall publish its objectives and plans regarding the implementation of the monetary, financial, lending and foreign exchange policies. Should significant changes in its objectives and plans occur, the Bank shall be required to disclose the underlying causes and the steps accordingly taken”.
Pursuant to Section 3 of the °Central Bank’s Charter, the main purpose of the Central Bank is to ensure monetary stability in Argentina.
As from October 1, 2018, the BCRA has been following a scheme to achieve an anti-inflationary policy targeting zero growth in the monetary base, with foreign exchange intervention and non-intervention ranges. Such a scheme has been implemented, in the absence of an effective inflation targeting, to ensure price stability under current operating conditions of Argentina’s economy. In 2019, the BCRA will continue implementing this zero-growth scheme until June. Monetary base is expected to record a 1% monthly growth between July and December. In particular, monetary base is forecast to grow in June and December due to high seasonality in the demand for money. The limits of the non-intervention range will be updated daily at a 2% monthly rate from January 1 to March 31, 2019, using as benchmark the limits effective on December 31, 2018; subsequent updates will be determined by the BCRA Monetary Policy Council.
The priority of this Central Bank is to encourage the stability and growth of the financial sector with a view to achieving its ultimate objective: economic development with social equality.
Another important objective is to promote financial inclusion and streamline means of payment.
Based on these fundamental guidelines, the Central Bank announces the following objectives and plans for 2019.