Argentina's President-elect Javier Milei has said that he will close Argentina’s central bank

Argentina's President-elect Javier Milei has said that he will close Argentina’s central bank, per Reuters.


Javier Milei, Argentina's President-elect, affirmed on Friday that the closure of the country's central bank, a central campaign promise, is a "non-negotiable matter." His office released a statement on the social media platform X, responding to what he termed as "false rumors." As Milei works to assemble his team before assuming office on December 10, there are indications that he may be selecting a more moderate Cabinet than initially anticipated.

The statement revealed that Osvaldo Giordano, an economist from the central Cordoba region, will head Argentina's social security administration ANSES—a crucial institution given Milei's commitment to reducing state spending and subsidies. This represents a departure from the earlier plan, which suggested Milei would appoint a close ally to lead the administration. Additionally, Horacio Marin, a private energy sector executive, was confirmed as the incoming chief of the state oil company YPF.

Implementing Milei's more radical reform proposals, such as dollarizing the economy, closing the central bank, and privatizing state companies like YPF, faces significant challenges and may take considerable time, if achievable at all. His libertarian coalition has a limited presence in Congress and lacks provincial governors. Milei must also navigate the expectations of the mainstream conservative bloc, whose support was instrumental in his victory in the recent runoff election.