The Deputy Governor of the BCRA, Vladimir Werning, presented “Argentina: Progress in the Stabilization Program” at the Annual Congress organized by the Argentine Institute of Finance Executives (Instituto Argentino de Ejecutivos en Finanzas, IAEF) and held in Bariloche on September 4, 2025.
AGENDA
PROGRAM PROGRESS: The Virtue of the Program of Stabilization and Reform
1 | Two years of domestic reorganization after two decades of international economic divergence.
2 | An election year that is typical (volatile money demand) and atypical (absence of macroeconomic imbalance) at the same time.
3 | More reserves available (greater external liquidity) and less debt (greater inter-temporary solvency).
4 | Less inflation (more stability) together with more reasonable and flexible relative prices.
CURRENT CHALLENGE: Two Shocks, Three Responses from the BCRA, and Three Signs of Stabilization
5 | Two temporary shocks to rates: macro (elections) and micro (development of private markets).
6 | Response from the BCRA: macro measures for macro problems and micro measures for micro problems.
7 | Three signs of stabilization: market deepening, rate moderation, curve flattening.
