The Board of Directors of the Central Bank of the Argentine Republic (BCRA) approved the Financial Statements for the 2025 financial year with record results that consolidate the Entity’s equity strengthening.
During 2025, the BCRA deepened the process of cleaning up its balance sheet and strengthening its Net Worth. The improvement in asset quality, the significant increase in International Reserves and the sharp reduction in interest paid resulted in a new recomposition of the Capital. These results were possible, among other factors, thanks to the repurchase of Non-Transferable Bills by the National Treasury with funds from the agreement with the IMF, the increase in the price of the BCRA’s gold holdings, and the positive results from the interest margins of the assets in the portfolio, added to lower interest lost due to the decrease in interest-bearing liabilities.
The most significant aspects of the Financial Statements for the 2025 financial year are explained below:
The result for fiscal year 2025 reflected a profit of $34.3 billion (bn), which represented an increase of 34% compared to the gain of $25.6 billion recorded in fiscal 2024 (expressed in constant currency as of 12/31/25). This performance allowed Equity to reach $51.3 billion at the end of the year, representing an increase of 66.3% compared to the previous year. Excluding 2019, the result of which is distorted by the use of measurement criteria not contemplated in the generally accepted accounting standards for the valuation of Non-Transferable Bills, the Net Worth and Profit for 2025 obtained by the BCRA are the highest in constant currency in the last 20 years.
The improvement in results corresponds mainly to the effect of the higher result due to net trading differences (+66.4%), driven by the recovery generated by the repurchase of Non-Transferable Bills in the BCRA’s portfolio by the National Treasury and by securities operations. This result was also influenced by the sharp reduction in interest and updates lost (-92.7%), due to the decrease in the BCRA’s liabilities; the cumulative reduction of 84% of monetary issuance expenses, through the renegotiation of contracts; the printing of higher denomination banknotes and lower levels of inflation.
The asset amounted to $187.6 billion at the end of 2025, which represented an increase of 25% compared to the restated figure for 2024 ($150.1 billion). This variation corresponds to the significant increase in International Reserves (+59.6%), driven by the purchases of Non-Transferable Bills made by the Treasury with IMF disbursements (USD 14,500 M), REPO operations with foreign banks for USD 3,000 M and the sharp rise in the price of gold (+64.9% in dollars per ounce). In this context, International Reserves expressed in dollars reached USD 41,095 M as of 12/31/25, which represented an increase of 48.5% compared to the end of 2024. Also noteworthy within assets is the increase in value in the Public Securities portfolio (+13.5%).
Liabilities amounted to $136.3 trillion at the end of 2025, representing an increase of only 14.3% compared to the restated figure for 2024. The main causes of the increase correspond to the increase in the balance of Current Accounts in other currencies (+32.1%) and the increase in Other Liabilities (+29.4%), mainly due to the revaluation of obligations denominated in foreign currency.
In addition to the above, among the other relevant events of the year are: the exchange stabilization agreement signed with the U.S. Department of the Treasury on 10/18/25 for up to USD 20,000 M under the modality of bilateral currency swap, of which operations were carried out that were canceled before the end of the year. The cancellation of the operation of LEFIs, and the rescission of the total balance of liquidity options of outstanding Public Securities (puts).
On the other hand, within the framework of the process of convergence towards generally accepted professional accounting standards initiated by the Bank, the accounting policy for the recording of pass transactions, applied retrospectively on the 2024 balances (see note 3.1 to the financial statements), was adapted, and no other material measurement differences in the assets and liabilities of the balance sheet with respect to these standards have been identified.
Regarding the treatment of accumulated earnings ($35.8 billion), the Board of Directors established the capitalization and increase of the general reserve for a total of $11.4 billion, making available to the National Treasury the remainder of $24.4 billion, as established in Article 38 of the Organic Charter.
During fiscal year 2026, the BCRA will continue to consolidate the consolidation of its balance sheet. This will allow it to have effective tools to meet the monetary and financial stability objectives established in its Organic Charter. In this context, on December 15, 2025, the BCRA announced a pre-announced reserve purchase program, supported by the growth and remonetization of the economy, a process that to date has allowed it to make significant purchases of foreign currency aimed at increasing International Reserves.
Financial Statements 2025 (PDF)
