July 31st, 2026
1. In a nationwide address, Milei presented the reform of the Central Bank’s Charter
President Javier Milei announced during a nationwide broadcast that he was sending a package of bills to Congress that the government considers the institutional framework for its economic program. The central initiative reforms the BCRA’s Charter—in effect since 2012—along five main lines. First, preserving the value of the currency will once again be its sole objective, moving away from the additional goals established during the Kirchner era: monetary and financial stability, employment, and economic development with social equity. Second, all monetary financing of the public sector (the National Treasury, provinces, and municipalities) will be expressly prohibited, and the BCRA will be barred from purchasing government securities in the primary market, thereby eliminating assistance through issuance. Third, its independence will be strengthened: the current mechanism for appointing the president and the board of directors will remain in place, but the conditions for removal will be tightened. Fourth, a new accounting treatment: gains from the valuation of certain assets will go into a “non-distributable technical reserve,” and gains from portfolio management may only be transferred to the Treasury to pay off debt. Fifth, non-transferable bills—used for years to record the BCRA’s support for the Treasury—will be eliminated, and changes introduced in 2012 will be repealed. The second bill, the “fiscal anchor,” is a permanent rule that will prevent the approval or continuation of deficit budgets, with automatic adjustments if public accounts remain in the red for “several consecutive months.” If Congress fails to restore balance within the specified timeframe, a mechanism similar to the U.S. government shutdown will be triggered: a halt to non-essential activities, a freeze on new spending, a ban on hiring public employees and awarding contracts, and the suspension of discretionary transfers to provinces. The third bill will reform the capital markets to channel private savings toward businesses and productive investments, reducing regulations and government intervention while expanding the range of available financial instruments. Finally, the Executive Branch will submit a comprehensive reform of the insurance market.
2. Kristalina Georgieva visited Argentina for the first time, with a varied agenda
Kristalina Georgieva, the Managing Director of the International Monetary Fund, made her first visit to Argentina as head of the organization, the first by the IMF’s top official since 2018. The mission took place on July 27 and 28 at the invitation of President Javier Milei. On Monday the 27th, she arrived in the morning, accompanied by a delegation of Fund officials, and was received by Minister Luis Caputo and president of the Central Bank Santiago Bausili on the steps of the Ministry of Economy, where she held a private meeting. After that, together with Caputo, she led a press conference in the Ministry’s small auditorium; in which, she ruled out the need for new financing from the Fund, highlighted the decline in inflation, the primary surplus, and the accumulation of reserves, and emphasized the need for more “balanced” growth that benefits small and medium-sized enterprises and families. Georgieva then traveled to the Casa Rosada, where she met with Milei and later with the expanded Cabinet in the Eva Perón Room. Later, she gave a master class at the Palacio Libertad to about 100 students from the universities of San Andrés, Di Tella, and UCA, and in the evening she hosted a dinner with business leaders from the UIA, the Rural Society, Camarco, the mining sector, and banks. On Tuesday, the 28th, Kristalina traveled with Caputo to Vaca Muerta, where she met with business leaders, union representatives, and workers from the energy sector, and then departed for Montevideo.
3. Milei traveled to Peru amid tensions with Brazil following his visit
President Javier Milei traveled to Lima on the evening of Monday, July 27, to attend, on Tuesday, July 28, the inauguration of Keiko Fujimori as president of Peru for the 2026–2031 term, following a narrow electoral victory over Roberto Sánchez. The agenda included a bilateral meeting with Fujimori, the swearing-in ceremony at the Peruvian Congress, where he met with foreign leaders, and the conferral of an honorary doctorate at San Martín de Porres University. He was accompanied by the Secretary General of the Presidency, Karina Milei, and Foreign Minister Pablo Quirno. The stopover is part of a regional tour to support the rise of right-wing officials in Latin America, which included Brazil and is scheduled to include stops in Ecuador and Colombia (for the inauguration of Abelardo de la Espriella on August 7). The trip took place amid a crisis with Brazil stemming from the launch event for Flávio Bolsonaro’s presidential candidacy in São Paulo, where Milei, during his visit, referred to Lula da Silva in offensive terms and questioned Judge Alexandre de Moraes. He then accused Lula’s government of funding an “anti-Argentine” campaign. Brazil responded by recalling its ambassador to Buenos Aires, Julio Bitelli, for consultations and summoning the Argentine ambassador, Daniel Raimondi, to demand an explanation. Foreign Minister Pablo Quirno ruled out a breakdown in relations and characterized the incident as a political disagreement, not a diplomatic one, noting that trade relations remain active, with Brazil as Argentina’s main trading partner.
El Cronista: Entre la tensión con Lula y la asunción de Fujimori, Milei refuerza su apuesta por la derecha regional
4. Trust in the government, in its lowest rate since the beginning of the administration.
The Government Trust Index produced by Torcuato Di Tella University recorded a 6.5% decline in July 2026 compared to the previous month. The index stood at 1.94 points, marking a 21% year-over-year decline. The figure continued its downward trend following five consecutive months of declines at the start of the year (January: -2.8%, February: -0.6%, March: -3.5%, April: -12.1%, May: -1.6%), interrupted only by the rebound in June(+3.9%). The cumulative decline since the end of 2025 stands at 21.5%. Of the five components that make up the index, four declined: Efficiency fell 15.4% to 1.79 points, Government Capacity 7.3% to 2.28, Concern for the Public Interest 6.9% to 1.51, and Overall Assessment 2.5% to 1.64; Honesty remained at 2.45 (-0.4%). The cumulative average of the index during Javier Milei’s administration fell to 2.37 points, its lowest level since the start of his term. The survey was conducted by Poliarquía Consultores between July 1 and 16, 2026, with 1,000 respondents and a margin of error of ±0.06 points.
Infobae: La confianza en el Gobierno volvió a caer en julio, según un estudio de la Universidad Di Tella
5. Record agribusiness exports during the first half of the year.
Argentine agro-industrial exports reached an all-time high during the first half of 2026, according to a post by Economy Minister Luis Caputo on his X account. Between January and June, the sector’s exports totaled 63 million metric tons, a 15% year-over-year increase and the highest volume ever recorded for a first half of the year. In value terms, they reached US$27,447 million, an 18% increase compared to the same period in 2025. When presenting the data, the minister noted that 37 export complexes, which accounted for 70% of the total volume, recorded increases compared to 2025. Among the fastest-growing commodities, sunflower seeds stood out (+129%), followed by wheat (+56%), legumes (+48%), dairy products (+24%), sour citrus fruits (+23%), barley (+19%), sorghum (+12%), and vegetables (+8%). Caputo also noted that 25 products were exported for the first time in several years, including safflower seeds, pork fat, goat meat, apples, pears, and dried apricots. Vietnam, China, Saudi Arabia, Brazil, Algeria, Indonesia, Peru, Malaysia, India, and Egypt represented more than 53% of the total export volume during the first half of the year.