In an opening address to the 47th Annual Convention of the Argentine Institute of Finance Executives, Central Bank of Argentina Vice President Vladimir Werning assessed the country’s past inflation experience, current monetary conditions and foundations for the stabilization program. He argued that empirical evidence contradicts the view that low inflation is benign and estimated that the inflation tax transferred USD 390 billion from Argentine families to the state between 2003 and 2023. Werning characterized current monetary management in terms of monetary prudence, a foreign exchange surplus and the credit cycle. He also discussed structural reforms concerning the Central Bank Charter, US dollar lending, mortgage funding and guarantees, and reviewed the stabilization program’s performance in the context of five significant shocks.
2026-09-07Central Bank of Argentina
Central Bank of Argentina Vice President Werning assesses stabilization policy and structural reform priorities
Central Bank of Argentina Vice President Vladimir Werning reviewed the country’s inflation record, current monetary conditions and stabilization program. He estimated that the inflation tax transferred USD 390 billion from families to the state between 2003 and 2023, and discussed reforms involving the Central Bank Charter, US dollar lending, mortgage funding and guarantees.