In this press release the Central Bank of the Argentine Republic states that it "ratifies its commitment to zero issuance to finance the National Treasury" and that since the beginning of the current administration it "has not provided direct advances or transfers of profits to the National Public Sector." The document frames this as part of the macroeconomic program aimed at stabilisation and reducing inflation, noting that the Central Bank's role is restricted to preserving the value of the currency.

In a slide describing the monetary policy strategy, the BCRA presentation states (translated): "The program is based on a strict monetary rule: there will be no net monetary issuance to finance the Treasury." It further clarifies that any expansion of the monetary base will be sterilized so that "the central bank will not provide direct financing to the fiscal deficit." This is referred to in the document as a policy of "zero monetary financing" of the government.

The statement describes the new administration’s program as being “centered on a strong fiscal anchor, no central bank financing of the fiscal deficit, actions to rebuild reserves, and policies to bring down inflation.” It notes that President Milei’s economic team “has already taken bold measures to significantly reduce the fiscal deficit in 2024 and eliminate central bank financing of the government, while also unwinding distortive capital controls and multiple exchange rates over time.” The IMF frames the commitment to eliminate monetary financing as part of a broader stabilization effort.

Describing the agreed policy package, the IMF press release says: "The authorities are implementing a strong stabilization plan centered on a decisive fiscal consolidation, the elimination of monetary financing of the fiscal deficit, and a tighter monetary policy framework to bring down inflation." It further notes that the Argentine authorities have "committed to cease central bank primary issuance to the Treasury," which the IMF calls "a key anchor of the program."

The May 2024 monetary policy statement explains (translated): "In line with the macroeconomic stabilization program, the BCRA will maintain its commitment not to extend new direct financing to the National Treasury." It stresses that "the monetary authority has adopted a scheme of zero net financing of the fiscal deficit" and that this is intended to "avoid additional money creation that could fuel inflation."

Unlike other stabilization experiences, the current program made it possible to move forward in a sustained way in correcting the main inherited macroeconomic imbalances, honoring pre-existing contracts. The establishment of fiscal balance, the elimination of monetary financing to the Treasury, the correction of distortions in relative prices and the clean-up of the Central Bank’s balance sheet contributed to reducing inflation and allowed the foreign exchange market to be liberalized.

The IMF press release describing Argentina’s program notes that the authorities’ strategy "is anchored in strong fiscal consolidation and the cessation of monetary financing of the fiscal deficit". It explains that the economic plan "seeks to eliminate monetary financing (‘zero money printing’)" as part of a broader stabilization effort aimed at lowering inflation and rebuilding credibility in the peso.

In outlining the 2024 monetary program, the Central Bank states that one of its key objectives is “to definitively end monetary financing of the Treasury.” It explains that the Central Bank “will not grant temporary advances nor transfer profits to the National Treasury,” and that this restriction is part of the authorities’ broader economic program to stabilize the macroeconomic situation and reduce inflation. The document emphasizes that adjusting public accounts and cutting off money creation for fiscal purposes are central pillars of the new stabilization strategy.

The authorities are implementing a strong stabilization plan, centered on the elimination of fiscal financing by the Central Bank, tight control over monetary aggregates, and measures to rebuild reserves. The authorities have committed to cease all direct and indirect monetary financing of the fiscal deficit, which will be essential to durably lower inflation.

The paper characterizes the Milei administration’s plan as “an orthodox stabilization program built around an immediate fiscal adjustment, the elimination of central bank financing of the Treasury, and a sharp realignment of relative prices.” It notes that “the authorities have committed to a ‘zero monetary financing’ rule, under which the central bank is barred from providing new advances or profit transfers to the federal government.” According to Brookings, this no‑financing rule functions as one of the main anchors of the 2024 stabilization strategy alongside the fiscal consolidation.

The Government maintains a firm conviction about fiscal balance while sustaining a policy of "zero monetary issuance" for all concepts of the public sector. A "zero issuance" scheme was established, under which the only monetary expansion can come from the unwinding of LEFIs and LECAPs by banks to provide credit.

Argentina continues to advance in macroeconomic stability and a gradual recovery of activity is expected in 2025. The authorities maintain their commitment to fiscal balance and the zero monetary issuance policy for the public sector, although the space for further disinflation under the current scheme seems limited, suggesting the need for additional measures in the exchange rate and interest rate fronts.

The analysis states that "the most difficult part of the stabilization plan has already been done: a large fiscal adjustment" and that this is the basis of the "mantra of fiscal deficit zero–money issuance zero". It notes that in the first quarter of 2024, "Milei also fulfilled his promise of zero issuance to finance the public sector" and that "the only exception to the zero-issuance policy was the purchase of international reserves", which injected liquidity but was demanded by the market.

To contain inflation, after the devaluation the Central Bank announced a crawling peg: it froze the monthly variation of the exchange rate at 2%, with the aim that it would function as a nominal anchor dragging prices downward. This was combined with two measures aimed at slowing the creation of money. On the one hand, an aggressive cut in interest rates, focused above all on reducing the amount of money issued through interest on remunerated accounts. On the other, a severe cut in public spending that allowed the Government, in the first month in office, to eliminate the fiscal deficit, which until then had been financed mostly through money issuance by the monetary authority. From the government’s perspective, this —together with the monetary policy carried out by the Central Bank— explains the reduction in inflation and exchange rate stability, thanks to the brake on money issuance.

Stabilization plans are coordinated economic policy plans aimed at eliminating chronic inflation. In an initial review, the stabilization begun in 2024 appears to be at an early stage in its attempt to reduce chronic inflation, although its development and maturation remain to be seen in order to classify it definitively in the mentioned categories. The current program combines a strong fiscal adjustment to reach balance and the end of monetary financing of the deficit, aligning with the government’s discourse of zero issuance.

This economic blog post explains that "from the monetary side, the government implemented the Zero Issuance Program, eliminating monetary financing of the fiscal deficit." It emphasizes that the plan relies on "no longer using the Central Bank to cover Treasury needs" and that this zero-issuance rule is one of the anchors of the broader stabilization program implemented in 2024.

Although focused on regional recovery, the ECLAC report refers to "zero emission" policies in other contexts, explaining (translated): "In some countries, 'emisión cero' refers to zero net monetary financing of fiscal deficits, rather than an absolute prohibition on changes in the monetary base." It gives examples where "the Central Bank ceases to issue money to the Treasury, while continuing to operate in financial markets." This provides a conceptual distinction relevant to how such policies are described.

The note summarises Central Bank communications and describes the stages of the stabilization program. It states that stage 1 "consisted in the elimination of the fiscal deficit and the quasi-fiscal deficit of the BCRA". Stage 2, "initiated in July 2024, focused on achieving 'zero issuance' of the Central Bank and on maintaining a depreciation rate of the peso against the dollar of 2% per month." Stage 3 "reduces, as of February 1, 2025, the depreciation rate of the peso to 1% per month as a consequence of the sustained decline in inflation."

In discussing recent Latin American programs, the paper notes: "Several stabilization episodes, including the latest Argentine program, have included commitments to cease money creation to finance fiscal deficits." It emphasizes that "these so-called 'zero money financing' rules are typically defined in terms of no central bank credit to the treasury, rather than a literal freeze of the monetary base." The authors caution that "program descriptions can be politically framed as 'zero issuance' while still allowing other channels of money creation."

Perfil’s economic segment reports that “this week the new phase of the Government’s program begins. ‘Emisión Cero’ will mean that the Central Bank will no longer issue pesos to finance the Treasury, in line with the promise to cut off the tap of monetary financing of the deficit.” It notes that analysts expect that “the policy will affect the Central Bank’s reserves and could delay a relaxation of capital controls, but the government argues that zero issuance is indispensable to its stabilization plan and the fight against inflation.”

Reporting on remarks by Central Bank vice president Vladimir Werning, the article notes that he "characterized in successive 'zeros' the different stages or phases of the government's economic program." According to Werning, "the first was 'fiscal deficit zero', the second 'monetary issuance zero' and the third, initiated on April 11 with the agreement with the IMF and the beginning of lifting capital controls, aims to achieve 'exchange-rate gap zero'." He describes these as "radical changes" that provide a new framework for economic policy.

The government’s strategy to avoid a new default is based on a zero-deficit budget planned for 2025. This initiative requires that expenditures do not exceed revenues, marking a shift toward responsible fiscal management aimed at restoring investor confidence. Milei’s administration has committed not to take on new debt nor resort to monetary issuance to finance public spending, focusing instead on maintaining a balanced budget.

Covering Economy Minister Luis Caputo’s presentation, the article quotes him saying: "We are at fiscal deficit zero and when we get to issuance zero, it implies less exchange rate pressure. With the amount of pesos fixed, as long as demand for pesos grows, the exchange rate will tend to appreciate." He presents fiscal deficit zero and emission zero as key objectives of the government’s multi-stage economic plan.

The article criticises the government’s claim of "zero issuance" after the Central Bank transferred profits to the Treasury. It explains that ARS 11.7 trillion "will be kept in a special account, so they will not increase the money supply, but they could be used" if future debt rollovers are insufficient. Economist Roberto Cachanosky is quoted saying that this operation is "plain and simple money issuance" and that "the transfer of Central Bank profits to the Treasury ends the stability of the broad monetary base, one of the three anchors of the program that had been maintained for almost a year."

After the approval of the Bases Law, Javier Milei puts into motion the second part of his macroeconomic stabilization plan: zero money issuance. The second stage of stabilization of Argentina’s macroeconomic clean-up consists in achieving zero issuance of new pesos, in freezing monetary issuance. We will be facing a scenario of zero issuance to finance the fiscal or quasi-fiscal deficit of the Argentine State because there will be no fiscal or quasi-fiscal deficit.

Economic commentary on Argentina’s 2024–2025 program widely describes it as structured around several "zero" objectives: first, achieving a primary and overall fiscal deficit of zero; second, implementing a Central Bank "zero issuance" rule that prohibits monetary financing of the Treasury; and later, moving toward a zero exchange-rate gap. These goals are repeatedly presented by officials and analysts as the conceptual backbone of the administration’s macroeconomic stabilization strategy.