On September 2, 2024, the Argentine Central Bank sought to dispel ongoing speculation regarding the potential export of the nation’s gold reserves by declaring that it had effectively executed “transfers of part of its gold reserves to its various accounts.” In the concluding segment, the organization indicated that the national audit office possessed the necessary information to prepare the relevant reports. However, just over a year later, and following multiple inquiries concerning the gold’s location, yield, and transportation costs, the nation’s foremost monetary authority has yet to furnish any responses. The bank, referred to in Spanish as BCRA, has hindered access to the necessary documents. “They are concealing information, and the reasons remain unclear,” they asserted. The issue is currently under the purview of Congress’ Joint Bicameral Accounts Review Commission. During his address to Congress on September 23, 2025, Juan Manuel Olmos emphasized that the waiting period has concluded. “The process of exchanging notes has been exhausted.” The situation has resulted in the BCRA declining to furnish the requisite information for the execution of this audit. “We do not have precise information regarding the location of the gold,” he stated.
Sources informed that the Central Bank is employing confidentiality as a pretext to restrict access to information, notwithstanding instances that demonstrates capability to handle confidential and sensitive documentation, such as that related to COVID vaccines. They noted that “the Central Bank’s only suggestion to the AGN was that they could go and check their computers to find what they needed, but could not take photographs, make copies, or take notes.” They were able to retain only what was necessary through memory, rendering the audit fundamentally unfeasible to execute. Conversely, various informed sources highlighted their uncertainty regarding the location of the gold, stating, “whether the gold is in Switzerland or London.” The prevailing uncertainty has led to speculation that a portion of the gold reserves may have been converted into liquid form. If the BCRA’s refusal persists, the commission faces two alternatives: to either call upon BCRA president Santiago Bausili to offer clarifications in Congress, or to initiate legal proceedings. Nevertheless, sources indicated that the BCRA’s opacity extends further than the gold bars that were exported. The BOPREAL bonds are also included, as the necessary information to perform an audit was not accessible.
Reports indicate that two transfers of gold reserves occurred in June 2024. Shortly thereafter, national Unión por la Patria deputy Sergio Palazzo, concurrently serving as the general secretary of the banking sector’s trade union, submitted a freedom of information request seeking “clear, precise, complete, and detailed information” regarding the circumstances surrounding the gold bars. The deputy inquired of the institution to provide a report on “whether any gold bars had been shipped abroad in June, specifically if there had been one shipment on June 7, 2024, and another on June 28, 2024.” He also sought details regarding the currency, quantity, amount, and commercial characteristics, in addition to the destination, carrier, and airline responsible for the transportation of the gold. He inquired about the potential for any forthcoming shipments. Palazzo did not receive a response.
Three months later, the Central Bank issued a statement asserting that “for more than a decade, the BCRA has managed its gold reserves in the same way, both in physical format (bars and ingots) and in electronic format (foreign bank accounts).” These re-balancing operations do not affect the overall volume of gold reserves, which continue to be valued at approximately US$ 4.9 billion as indicated in the balance sheet dated August 23, 2024. In a different part of the statement, the financial institution contended that the AGN possessed this information, which stands in contrast to the assertions made by the regulatory body. “The BCRA articulates its apprehension regarding the reckless and politically-driven dissemination of information pertaining to these operations prior to their conclusion, as it jeopardizes the security of the assets belonging to all Argentines. The management of BCRA reserves has consistently been approached with confidentiality to ensure their security is maintained. Both the Office of the Audit General of the Nation and the pertinent oversight bodies possess access to this information under the same veil of confidentiality. The AGN is contesting the final statement, arguing that the BCRA does not meet the essential criteria for performing an audit.”
The AGN, serving as the paramount oversight entity in public administration, sought this information to prepare a technical report for both legislators and the broader public audience. Following a duration of at least ten calendar days subsequent to the receipt of the report by the Joint Parliamentary Audit Committee, the AGN is authorized to commence legal proceedings based on the failure to adhere to public information access legislation. The BCRA operates under the auspices of Financial Administration Law No. 24,156, which delineates the regulatory frameworks governing the control systems within the national public sector. The legislation stipulates that the AGN “may require the collaboration of all public sector entities, which shall be obligated to provide data, documents, background information, and reports related to the exercise of their functions.” The AGN’s internal regulations delineate the protocol to be followed should the audited entity decline or remain silent regarding the submission of information, and they specify the timeframes that the AGN is required to observe in such circumstances. The precise whereabouts of the gold bars constituting Argentina’s gold reserves remain undisclosed at this time. There is a lack of reliable information regarding the extent of liquidation—whether it was total or partial—and the financial benefits accrued by the country from this series of transactions. An alert that Congress — to which the AGN is accountable — may be issued sooner rather than later.