The Board of the BCRA has approved the financial statements for fiscal year 2025, reporting record results that further strengthen the BCRA’s financial position.
Throughout 2025, the BCRA continued to stabilize its balance sheet and strengthen its equity. An improvement in the quality of assets, a significant rise in international reserves and a sharp reduction in interest payments rebuilt capital levels further. This result was mainly driven by the National Treasury’s repurchase of Non-Transferable Bills using funds from the IMF agreement, the increase in the price of the BCRA’s gold inventories, and the positive interest margins from portfolio assets, together with a lower interest expense due to the reduction in remunerated liabilities.
Below are the highlights of the financial statements for fiscal year 2025:
Fiscal year 2025 yielded a profit amounting to ARS34.3 trillion (tn), rising 34% against the ARS25.6 tn recorded in 2024 (in constant currency as of December 31, 2025). Equity thus reached ARS51.3 tn at year-end, rising 66.3% from the previous year. Excluding fiscal year 2019—whose figures are distorted by the application of measurement criteria inconsistent with the generally accepted accounting standards for the valuation of Non-Transferable Bills—the equity and profit of the BCRA for 2025 are the highest, in constant currency, of the past 20 years.
The improvement in results is mainly due to higher net trading differences (+66.4%), associated with the National Treasury’s repurchase of Non-Transferable Bills held by the BCRA and by securities transactions. This result was also explained by a sharp decrease in interest expense and other loss from adjustments (‑92.7%), due to the reduction in the BCRA’s liabilities; a cumulative decrease of 84% in monetary issuance expenses, achieved through contract renegotiations; the use of higher denomination banknotes; and lower inflation.
At year-end, assets amounted to ARS187.6 tn, up 25% from the restated figure of 2024 (ARS150.1 tn). This change occurred as a consequence of a significant rise in international reserves (+59.6%), driven by the National Treasury’s purchases of Non-Transferable Bills using IMF disbursements (USD14,500 M), repo transactions with foreign banks amounting to USD3,000 M, and a marked increase in gold price (+64.9% in dollars per ounce). In this context, international reserves stated in dollars reached USD41,095 M as of December 31, 2025, representing an increase of 48.5% compared to the end of 2024. On the asset side, there is also a notable increase in the value of the portfolio of government securities (+13.5%).
At year-end, liabilities amounted to ARS136.3 tn, up just 14.3% from the restated figure of 2024. The main drivers of the increase were a higher balance of current accounts in other currencies (+32.1%) and a rise in other liabilities (+29.4%), mainly due to the revaluation of liabilities in foreign currency.
Other significant events during the year include: the exchange stabilization agreement signed with the U.S. Department of the Treasury on October 18, 2025, for up to USD20,000 M under a bilateral currency swap, with the transactions under such agreement being settled prior to year-end; the discontinuation of LEFI transactions; and the termination of all remaining liquidity options on government securities (puts).
In turn, as part of the process initiated by the BCRA to converge towards the generally accepted professional accounting standards, the accounting policy for recording repo transactions was revised and applied retrospectively to the balances of 2024 (see Note 3.1 to the financial statements). No other material differences have been identified in the measurement of assets and liabilities in relation to those standards.
As regards retained earnings (ARS35.8 tn), the Board approved their capitalization and an increase in the general reserve for a total of ARS11.4 tn, making the remaining ARS24.4 tn available to the National Treasury in accordance with Section 38 of the Charter of the BCRA.
During fiscal year 2026, the BCRA will continue to strengthen its balance sheet. This will provide the BCRA with effective tools to achieve the monetary and financial stability objectives set forth in its Charter. In this context, the BCRA launched a pre-announced reserve purchase program on December 15, 2025, supported by economic growth and remonetization, which to date has enabled the BCRA to carry out significant foreign exchange purchases aimed at increasing international reserves.
Financial statements 2025 (PDF)
