The BCRA prepares its annual financial statements in accordance with Section 34 of its Charter. They are published in the following section together with the reports prepared by the Supervisory Audit Office, external auditors and the Argentine General Audit Office.

The Board of the BCRA has approved the financial statements for 2024.

Along 2024, the BCRA made progress on the goals of cleaning up its balance sheet and strengthening its net worth. The proper management and valuation of its assets, combined with a significant reduction in its remunerated liabilities, allowed the BCRA to significantly rebuild its net worth. These results were possible thanks to, in part, the fact that the BCRA granted no net financing to the Treasury in 2024 and that it eliminated currency issuance associated with remunerated liabilities as repos were discontinued starting in July 2024.

Below are the highlights of fiscal year 2024:

For comparison purposes, the figures for fiscal year 2023 were restated in constant currency as of December 31, 2024, using a coefficient equal to 2.1776 (for a 117.76% y.o.y. inflation rate). The benchmark exchange rate under Communication A 3500 was ARS1,032.50 as of the end of 2024, up 27.7% compared to the end of 2023 (ARS808.48). The difference between the adjustment coefficient and the change in the benchmark exchange rate may result in negative/positive changes in certain assets/liabilities denominated in foreign currency when comparing 2024 and 2023 despite their increase/decrease in original currency in 2024.

Fiscal year 2024 yielded a profit amounting to ARS19.4 trillion (tn), reversing the ARS9.4 tn loss recorded in the previous fiscal year. Such performance resulted in the net worth reaching ARS23.4 tn at year-end, rising 484% from the previous year.

This improvement in results is mainly due to: (i) higher gains on government securities holdings arising from a better market price; and (ii) lower interest expenses derived from the settlement of remunerated liabilities (liquidity bills (LELIQs)). In addition, the results for 2024 needed no accounting adjustment to record non-transferable bills at amortized cost, as was the case in 2023. The above changes were partially offset by: (i) lower income due to exchange rate differences resulting from the lower depreciation of the peso during the fiscal year (27.7% in 2024 as opposed to 356% in 2023); (ii) lower income due to exchange rate differences of non-transferable bills arising from the correction of their book value made in 2023 under the current accounting standards; and (iii) lower income due to net trading differences and other gain (loss) on financial instruments related to the regulatory change applicable to interest on non-transferable bills recorded in 2023.

At year-end, assets amounted to ARS116.7 tn, down 46% from the restated figure of 2023. This change occurred as a result of: (i) a decrease in the stock of government securities derived from the exchange for fiscal liquidity bills (LeFIs) with the Treasury and less intervention in real terms by the BCRA in the subscription of Treasury bonds; and (ii) a significant decrease in rights derived from repurchase transactions as these transactions were no longer used as an instrument to manage liquidity in the banking system. In turn, international reserves rose 28% in dollars, but declined 25% in pesos, when compared to the restated figures of the previous year.

At year-end, liabilities amounted to ARS93.2 tn, down 56% from the restated figure of 2023. The decrease was mainly due to the following factors: (i) a fall in the securities issued by the BCRA due to the settlement of LELIQs; (ii) a decline in obligations from repurchase transactions as these were no longer used as an instrument to manage liquidity in the banking system (counterpart of assets); and (iii) the settlement of the credit facility with the Bank for International Settlements (BIS). Such decreases were partially offset by: (i) a rise in national government deposits; and (ii) an increase in the monetary base.

Moreover, in July 2024, the BCRA and financial institutions agreed to terminate liquidity options contracts launched in respect of certain government securities issued by the National State, thus reducing contingent liabilities for the BCRA to ARS5.7 tn as of December 31, 2024 (vs. ARS26.7 tn as of December 31, 2023, stated in constant currency).

Upon examining the results of the fiscal year, the Board decided to replenish the level of capital and reserves recorded prior to the loss that occurred in fiscal year 2023, allocating ARS7.7 tn and fully offsetting the effects of losses derived from the valuation of its assets under the current accounting standards. The remaining gain–ARS11.7 tn–was made available to the National Government, as set out in Section 38 of the Charter of the BCRA.

Throughout 2025, the BCRA will seek to further clean up its balance sheet by enhancing the quality of assets and thus have effective tools to pursue the objectives laid down in its Charter.