The Deputy Governor of the BCRA, Vladimir Werning, presented “The Evolution of Monetary Targeting in Argentina:
From Stabilization (2024) and Regime Transition (2025) to Demand-led Re-Monetization (2026+) Supportive of Increased Reserve Purchases.”
AGENDA
1 | Monetary Stabilization (2024)
Adopting monetary targeting to exit a high inflation regime (fiscal dominance, “monetary overhang”).
2 | Regime Transition (2025)
Adapting monetary targeting to exit financial repression (FX controls) while confronting event risk (elections).
A | Facing short-term “growing pains”: A money-based nominalanchor requires FX & rates flexibility.
B | Managing domestic market “growing pains”: Progress is already visible and will bring long-term gains.
C | Managing “event-risk”: An extraordinary, but temporary, electoral shock that depressed money demand.
3 | Re-monetization (2026 +)
Managing monetary targeting to satisfy a genuine recovery of money demand and increased reserve purchases.
The presentation was delivered in English. The Spanish presentation will be published soon.
