The BCRA said it would continue monetary policy in a flexible, prudent, and pragmatic way. The purpose of the new monetary programming framework was to help reduce uncertainty by providing more information about projected monetary variables consistent with the continuation of the macroeconomic stabilization process. This framework was presented jointly with the Ministry of Economy and the central bank in June 2024.

The joint communiqué said the BCRA would continue conducting monetary policy in a flexible, prudent, and pragmatic manner. It also said the new monetary programming framework was intended to provide more information about projected monetary variables consistent with the continuation of the macroeconomic stabilization process.

According to the central bank, the new objective was to limit the amount of pesos to the nominal amount existing on April 30 of the broad monetary base, a 'ceiling' of 47.7 trillion pesos. The plan was described as a 'zero emission' program to accelerate convergence of inflation toward the exchange-rate target.

The government maintains a firm conviction for fiscal balance while sustaining a policy of "zero monetary issuance" for any concept of the public sector. It established a scheme of "emisión cero" under which the only monetary expansion can come from the unwinding of LEFIs and LECAPs by banks to grant credit. The current scheme seems to have reached its limits in terms of inflation control, so additional measures are required to consolidate disinflation in 2025.

From December 11, 2023, a new approach to monetary policy was adopted, oriented to achieve monetary stability and reduce inflation, simultaneously addressing the two main sources of monetary issuance: the fiscal deficit and the quasi-fiscal deficit of remunerated liabilities of the BCRA.[8] The monetary policy interest rate became the rate on one-day passive repos, which since December 13 was set at 100% annual, implying a decrease of 33 percentage points at the start of the new administration.[8] Throughout 2024 the BCRA decided to reduce the reference interest rate on seven further occasions, bringing it to a level of 32% annual at the end of 2024.[8]

The central bank's monetary programming anticipated continued growth in money demand during the second half of 2024. The article says the 'zero emission' plan implied prioritizing lower inflation over reserve accumulation and discussed doubts about the strategy in the second phase of the economic plan.

From the monetary side, the government implemented the Zero Issuance Program, eliminating the monetary financing of the fiscal deficit. In the first quarter, Milei also fulfilled his promise of zero issuance to finance the public sector. Because of the surplus, it was not only unnecessary to issue to finance the non-financial public sector, but this sector actually withdrew pesos from circulation.

The BCRA establishes a new monthly crawl of 1% for the exchange rate, January 16, 2025.[9] Monetary policy is conducted with flexibility and pragmatism, seeking to ensure monetary and financial stability.[9] From December 2023, the new authorities implemented a non-disruptive change of monetary regime aimed at correcting existing imbalances.[9]

From the monetary side, the government implemented the Programa de Emisión Cero, which consists of eliminating monetary financing of the fiscal deficit. This policy complements the fiscal adjustment and aims to break with Argentina’s historical pattern of seigniorage-based deficit financing. The program is part of a broader stabilization strategy that includes fiscal consolidation and exchange-rate policy changes.

This paper summarizes the stabilization plan implemented by Javier Milei in Argentina between December 2023 and April 2026, while also outlining the next steps in the program. A key pillar is the commitment to fiscal balance and the end of monetary financing of the Treasury—often referred to as the "zero money issuance" policy. The plan’s monetary component centers on prohibiting central bank transfers to the government and reducing remunerated liabilities to contain endogenous money creation.

The government announced its zero-emission program in July. However, in that month the monetary base grew 10.6% in real terms, according to the article's reporting on official data.

At first glance, Argentina’s 2024 stabilization looks like an early success—defying market expectations with fast disinflation and a stronger peso. The Milei administration’s program combines a sharp fiscal adjustment with a de facto end to monetary financing of the deficit, often described domestically as a policy of "emisión cero". While money issuance has not literally been frozen—there is still liquidity creation through interest payments and reserve accumulation—the authorities have stopped using the central bank to fund the Treasury.

The article explained that the measure required the Treasury, without resorting to money creation, to face a debt maturity on 17 July 2025. It said the policy was launched to end inflation and reduce the crawling peg.

The objective of this work is to study the economic policy instruments, both fiscal and monetary, used during President Milei’s stabilization plan. On the monetary side, the central bank adopted a "zero issuance" rule that forbids monetary financing of the national public sector. However, the rule allows for limited money creation derived from the dismantling of remunerated liabilities and from foreign reserve purchases, so the quantity of money still evolves endogenously.

Economy Minister Luis Caputo announces the second phase of the government’s economic program, centered on a "emisión cero" commitment. He explains that, having put the state’s finances in order, the government is now in a position to commit to zero issuance: not issuing to finance the state and not issuing to buy dollars. Caputo states that if this commitment is upheld, for the first time in decades the quantity of pesos in the economy will not increase over the coming months.

The monetary-exchange policy of the Argentine stabilization plan, implemented under the government of Javier Milei, represents a complex work of financial engineering.[6] The plan has been executed in three main phases: (a) an initial phase of severe monetary contraction (December 2023–April 2024); (b) a phase of monetary relaxation (April–July 2024); and (c) a phase in which a brake is put on monetary expansion (July–October 2024), reducing the exchange rate gap almost to zero and strengthening international reserves.[6] From the launch of the stabilization plan, BCRA monetary policy went through three well-defined phases: phase 1 of severe contraction of liquidity, an intermediate phase of monetary relaxation and expansion of liquidity, and phase 2 of a sudden brake on the pace of monetary expansion.[6]

In this interview reflecting on the year, the economist notes that in the previous year there was zero issuance, referring to the government’s decision not to monetize the fiscal deficit. The discussion frames zero issuance as a central feature of the stabilization program, linking it to the administration’s broader narrative that excessive spending and money printing generate inflation.

After approval of the Bases Law, Javier Milei is launching the second part of his macroeconomic stabilization plan: zero monetary issuance. In this second phase of macroeconomic stabilization and cleanup, the goal is to achieve emission zero—that is, that every month the joint monetary issuance of the Argentine state be zero or negative. This would mean a scenario of zero issuance to finance the fiscal or quasi‑fiscal deficit of the Argentine state, because there will be neither fiscal nor quasi‑fiscal deficit; the phase two of Milei’s plan is in reality nothing more than the consolidation of the broad budget surplus.

The government is defining in these hours a substantial change in how it conducts monetary policy, the "phase 2" of President Javier Milei’s and Economy Minister Luis Caputo’s economic program, centered according to official definitions on "zero issuance".[5] "The zero growth target is on the Broad Monetary Base (BMA), defined as the 'conventional' monetary base (currency plus bank reserves) plus bank holdings of LEFI and LECAP.")[5] This afternoon concludes a two-day process in which banks could decide whether to accept the Central Bank’s offer to repurchase puts, a sort of insurance against collapses in peso Treasury securities that the monetary authority wants to remove to eliminate the risk of monetary issuance equivalent to 3 percentage points of GDP.[5]

In the coming hours the government will announce a monetary program, official sources confirmed to Ámbito.[1] President Javier Milei anticipated that, after fiscal consolidation, the country will enter "the stage of zero issuance, that is, now comes the change of monetary regime. Basically, what we are aiming for is that what is called the broad monetary base does not vary anymore."[1] The intention of the economic leadership is to continue gaining the "confidence" of economic operators, strictly maintaining the base of the program consisting of totally closing monetary issuance for financing the deficit.[1]

The report said the policy began on Monday and was based on 'zero emission,' with the stated goal of ending inflation and reducing the crawling peg. It also described the transfer of liabilities from the central bank to the Treasury as part of the strategy.

According to economic analysts, Argentina reached this situation after years of high inflation and money issuance to finance public spending. The current program under President Milei is described as aiming at ‘zero comma’ inflation, based on strict fiscal balance and no money issuance to cover the deficit. The stabilization strategy is framed around defending fiscal equilibrium and non‑emission as core principles.

From an annual inflation of 211.4% in 2023, Argentina fell to 117.8% in 2024 and to a monthly inflation that today moves around 2.6%, according to the official index. Defending fiscal equilibrium and non‑emission was not a matter of ideology but of survival: without zero deficit and zero emission there was no way out of the crisis. The macroeconomic program rests on maintaining a surplus and avoiding any monetary issuance to finance the state.

At the same time, the government has been tidying up monetary policy to reduce excess pesos and generating measures to encourage the inflow or repatriation of foreign assets.[10] During 2024 there was a sharp contraction in real public spending and a strong monetary adjustment, with the objective of achieving fiscal and quasi-fiscal balance and stabilizing inflation.[10] The combination of fiscal adjustment and monetary restraint constitutes the core of the Milei administration’s stabilization strategy in 2024.[10]

After years of stagnation, Argentina is said to be leaving intensive care thanks to a stabilization program based on fiscal surplus and ‘emisión cero’. Commentators praise President Milei and Minister Luis Caputo for delivering zero emission while the economy grew 0.7% in the first quarter of 2026. The narrative highlights that the recovery is tied to the commitment not to issue money to cover deficits.

The report said the new monetary policy in Argentina would be based on 'zero emission' and that the goal was to end inflation and reduce the crawling peg. It is secondary reporting and does not add official detail beyond the central bank's stated policy direction.

The government’s management log (‘bitácora de gestión’) reports on fiscal measures and tax changes, including the reduction of export duties over 12 months from 4.5% to 0%. While not explicitly stating ‘zero money issuance’, official communications around the 2024–2025 program emphasize fiscal consolidation and the goal of eliminating the need for monetary financing by achieving and maintaining a budget surplus.

Argentina’s 2024–2025 stabilization strategy under President Javier Milei is widely described by officials and analysts as combining "deficit zero" with "emisión cero"—that is, a commitment to achieving fiscal balance and to ending monetary financing of the public sector. The program’s monetary rule targets zero net transfers from the central bank to the Treasury, while acknowledging that other channels of money creation, such as interest on central bank liabilities, remain in place.

This business brief analyzes Argentina’s policy environment in 2025, noting a macroeconomic program focused on fiscal consolidation and tight monetary control. The brief explains that authorities have committed to avoid central bank money issuance to finance the public sector, seeking instead to use market financing and structural reforms. It describes the policy framework as a continuation of the ‘zero emission’ approach that began in 2024 to support disinflation and currency stabilization.