Argentina’s Central Bank and auditors clash over gold reserves

Argentina’s National Audit Office (AGN), the public-sector oversight body, has raised questions about the management of the Central Bank of Argentina (BCRA) under Santiago Bausili, a close ally of Economy Minister Luis Caputo. In its latest audit of the Central Bank’s financial statements, the AGN said gold derivatives transactions resulted in losses of US$1 billion in 2025. The agency highlighted that, for hedging purposes, the BCRA “entered into dollar-settled derivatives transactions using part of its gold reserves as collateral or underlying assets.” These transactions resulted in a loss…