The government canceled a debt with the Central Bank for US$12 billion using the IMF disbursement.

The government used the recent disbursement from the International Monetary Fund ( IMF ) to cancel US$12 billion in debt with the Central Bank ( BCRA ) , in a key step toward improving the monetary authority's balance sheet and reducing inherited liabilities.

According to the BCRA's report on Tuesday, the funds were used to cancel three non-transferable bills held by the entity: two were fully canceled—one maturing on June 1, 2025, and another on April 29, 2026—and a third, maturing in April 2029, was partially canceled.

" The transaction was carried out for a cash value of US$12 billion ," the agency headed by Santiago Bausili detailed in a statement. This measure is in line with Decree 179/2025 , which authorizes public credit operations for two purposes: to cancel foreign currency Treasury bonds held by the Central Bank of Argentina (BCRA) and to fulfill commitments to the IMF under the Extended Facilities program.

With this decision, the government aims to "clean up" the Central Bank's balance sheet and reorganize its liability structure. While the dollars were already accounted for in gross reserves—which had reached US$40 billion—the impact of this operation improves the asset quality of the Central Bank's balance sheet.

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The Nation

These are debt instruments created in 2006. They are issued by the Treasury and delivered to the Central Bank of Argentina (BCRA) in exchange for foreign currency. Unlike other government bonds, they cannot be sold or traded on the market , which limits their liquidity and market value.

A key fact is that the BCRA values ​​these bills below their nominal value , so their cancellation at effective value—as in this case— improves their accounting situation .

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According to estimates by the consulting firm EcoGo and Romano Group , the stock of non-transferable bonds reached US$69.231 billion in March. However, valued at market prices, their value would be only US$23.161 billion .

Along these lines, Salvador Vitelli , Head of Research at Romano Group, explained: “As of December 31, the cancelled bills were valued at approximately US$8.94 billion in cash and US$17 billion in face value.”

The decision, according to the consulting firm, is part of a broader government effort to strengthen the Central Bank's accounts , restore monetary credibility, and lay the groundwork for a possible end to the exchange rate controls.