Audit Office Demands Answers on Gold Reserves
Argentina's Central Bank (BCRA) is currently embroiled in a dispute with the country's National Audit Office (AGN) over the undisclosed location and management of a portion of the nation's gold reserves. The AGN has reportedly faced obstruction in its requests for information regarding gold allegedly shipped to London in June 2024. As of October 2025, the audit body continues to demand transparency, with its president, Juan Manuel Olmos, indicating that the 'process of exchanging notes has been exhausted' due to the BCRA's lack of cooperation.
Allegations of Overseas Shipments and Official Confirmations
Reports indicate that in June 2024, approximately 3 tonnes of Argentina's gold reserves, valued at around $150 million, were transferred to London. This shipment represented about 5% of the BCRA's total reserves, which stood at 62 tonnes. Some sources suggest that up to 37 tonnes of gold were moved abroad. The transfer became public knowledge following reports by Spanish newspaper El País in July 2024. Subsequently, Argentina's Economy Minister, Luis Caputo, confirmed the overseas movement, stating that having gold abroad allows for returns and can be used as collateral. President Javier Milei also hinted at using the gold as collateral for bridge loans. The BCRA officially acknowledged in September 2024 that it had completed 'transfers of part of its gold reserves among its different accounts,' including those abroad, for 'financial use' and 'flexibility.'
Central Bank's Stance on Confidentiality and Audit Impasse
Despite the confirmations, the BCRA has refrained from providing specific details regarding the exact destination, quantities, yields, or transportation costs associated with the gold transfers. The Central Bank maintains that information on reserve administration is handled confidentially to preserve its security, asserting that the AGN and other supervisory bodies have access to this information under the same scope of confidentiality. However, Juan Manuel Olmos of the AGN has countered this, stating that the BCRA is using confidentiality as a pretext to block access to crucial documents, making a proper audit 'fundamentally unfeasible.' The AGN has initiated two audits concerning the Central Bank, one specifically focusing on the administration of physical gold reserves.
Concerns Over Seizure and Potential Legal Actions
The lack of transparency has fueled concerns among lawmakers and the AGN regarding the potential seizure of the gold. Critics point to long-standing legal claims against Argentina by foreign creditors, citing precedents such as the case of Venezuela's gold held in the Bank of England. Lawyers representing Argentina in a New York court, in an ongoing lawsuit related to the 2012 expropriation of YPF, have also refused to disclose the location of the BCRA's gold reserves to the plaintiffs. In response to the continued stonewalling, the AGN is reportedly considering initiating legal actions or summoning BCRA President Santiago Bausili to appear before Congress to provide explanations. The situation underscores a growing demand for greater accountability and transparency in the management of Argentina's national assets.
5 Comments
Noir Black
Smart move for financial flexibility and returns.
Eugene Alta
While seeking better returns on gold is fiscally responsible, the absolute lack of disclosure to the audit office undermines public trust. Transparency is key, even with sensitive assets.
Loubianka
Total lack of transparency! What are they hiding?
Muchacho
The BCRA knows best how to manage these complex finances.
Habibi
The government's need for financial flexibility is understandable given Argentina's economic challenges. But blocking the national audit office creates a perception of wrongdoing, which can be just as damaging as any actual mismanagement.