The Central Bank of the Argentine Republic (BCRA) carried out a debt conversion operation with the Ministry of Economy: it delivered its holdings of a peso-denominated LECAP in exchange for dollar-linked government securities for up to US$2 billion. The measure was made official this Monday in the Official Gazette through Joint Resolution 53/2026, issued by the Secretariats of Finance and Treasury.
In parallel, the Executive branch is advancing with the reform of the BCRA’s Charter. According to the Presidency, President Javier Milei provided details of the project during a Cabinet meeting at Casa Rosada, following the events for Independence Day. The official announcement of the draft bill is expected in the coming weeks and will then be sent to Congress.
Details of the swap operation
The financial strategy involved the monetary authority handing over the LECAP S30O6, a peso-denominated capitalizable security maturing on October 30, 2026. In exchange, the National Treasury arranged for the expansion of two dollar-linked notes, called LELINK.
Specifically, the issuance of up to US$800 million of LELINK D30S6 maturing on September 30 and up to US$1.2 billion of LELINK D30O6 maturing on October 30 was authorized. To determine the swap ratio, the authorities considered market quotations recorded on the screens of Bolsas y Mercados Argentinos on September 4. The conversion was formalized with settlement date during this Monday, September 7.
The official source (Presidency) does not mention this swap operation, while the journalistic source (Crónica) details it precisely. There is no contradiction between the two, but the information comes from a single media outlet, so it is recommended to cross-check with the Official Gazette to verify the amounts and maturities.
Reform of the BCRA Charter
According to the Presidency’s statement, the meeting took place after the commemorative events for Independence Day. President Milei led a Cabinet meeting at Casa Rosada, where he provided details on the project to reform the BCRA’s Charter, which is being drafted by the Executive branch.
The Government is working on finalizing the text of the draft bill, whose official announcement is expected in the coming weeks. Once completed, it will be sent to the National Congress for consideration. In that framework, the Head of State will make an in-depth presentation of the scope and objectives of the initiative.
Participants in the meeting included Chief of Cabinet Diego Santilli; Chancellor Pablo Quirno; Defense Minister TG Carlos Presti; Legal and Technical Secretary María Ibarzabal; Security Minister Alejandra Monteoliva; Deregulation Minister Federico Sturzenegger; Senate Majority Leader Patricia Bullrich; Central Bank President Santiago Bausili; Presidential Advisor Santiago Caputo; Justice Minister Juan Bautista Mahiques; Presidential Spokesperson Adrián Ravier; Health Minister Mario Lugones; President of the Chamber of Deputies Martín Menem; Secretary of Communication and Press Fabián Fernández; General Secretary of the Presidency Karina Milei; and Provisional President of the Senate Bartolomé Abdala.
The official source does not detail the content of the reform, only its existence and the state of drafting. The journalistic source does not mention this topic. Therefore, it cannot be inferred that the swap is linked to the reform; they are separate events occurring in the same period.
Timeline of events
- September 4, 2026: Market quotations from Bolsas y Mercados Argentinos are taken as a reference to determine the swap ratio between the instruments.
- September 7, 2026 (Monday): The swap operation is made official through Joint Resolution 53/2026 in the Official Gazette. Settlement occurs the same day.
- July 9, 2026 (implied date): After the Te Deum for Independence Day, President Milei leads a Cabinet meeting where he reports on the reform of the BCRA’s Charter. This date is inferred from context but not specified in the sources.
- Coming weeks (after July 9): The official announcement of the draft bill to reform the BCRA’s Charter is expected.
Between September 4 and 7, the BCRA changes its asset portfolio: it reduces peso holdings and increases dollar holdings. In parallel, the Executive advances a regulatory change that could modify the entity’s role, although details are unknown.
Value module: impact of the swap on the BCRA’s portfolio
| Instrument | Authorized amount | Maturity |
|---|---|---|
| LELINK D30S6 | US$800 million | September 30, 2026 |
| LELINK D30O6 | US$1.2 billion | October 30, 2026 |
| Total | US$2 billion | — |
Document: Joint Resolution 53/2026 (according to Crónica). Issuing body and date: Secretariats of Finance and Treasury, September 7, 2026. Unit: US dollars. Values used: US$800 million + US$1.2 billion = US$2 billion. Operation: Addition. The total amount is the maximum issuance limit, not necessarily the amount actually swapped.
What to follow
It is advisable to follow the publication of the draft bill text for the reform of the BCRA’s Charter, which the Executive will announce in the coming weeks. It is also worth monitoring the Official Gazette to verify the details of Joint Resolution 53/2026 and the real impact of the swap on the BCRA’s balance sheet, since so far only one media outlet’s version is known.
Fuentes consultadas
- Crónica
- Argentina.gob.ar Fuente primaria
El Sereno contrastó las fuentes enlazadas y añadió contexto, comparación o análisis documental. Las fuentes primarias están identificadas. La nota no se presenta como investigación de campo ni como entrevista propia, salvo indicación expresa.
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