The Central Bank of Argentina published a presentation delivered by vice president Vladimir Werning to investors in Washington D.C. (13–18 April) setting out “Argentina: Economic Program Phase 4” and its assessment of a more favourable external and internal macro outlook despite global uncertainty. The briefing links the external position to foreign-exchange purchases and the easing of exchange controls, and argues that the monetary stance is helping to avoid second-round effects on consumer prices while supporting a revival in credit. On the external balance, the materials point to the reversal of last year’s domestic shock, policy measures including foreign-exchange purchases, relaxed exchange controls and lower export taxes, and structural factors such as fiscal balance, capital repatriation, an energy surplus and the removal of contingent debt claims. For the balance of payments, RIN increased by USD 1.5bn in the first quarter; the IMF SLA agreement envisages USD 3.5bn in the second quarter and USD 8bn in 2026. On the internal balance, the presentation notes that relative price adjustments temporarily lifted the consumer price index, while the private sector expects disinflation to continue, and that lower interest rates and reduced rate volatility support the reactivation of the credit cycle.
Central Bank of Argentina 2026-04-20
Central Bank of Argentina outlines Phase 4 economic programme citing a USD 1.5bn Q1 RIN increase and IMF SLA projections
The Central Bank of Argentina published a presentation by its vice president outlining “Argentina: Economic Program Phase 4”, highlighting a more favourable macroeconomic outlook supported by foreign-exchange purchases, easing of exchange controls and a tighter monetary stance. The materials report a USD 1.5bn increase in international reserves in the first quarter, with further inflows envisaged under the IMF Stand-By Arrangement, and link lower interest rates and reduced rate volatility to continued disinflation and a revival in credit.