Central Bank of Argentina
[4] The Central Bank's headquarters on San Martín Street (in the heart of Buenos Aires' financial district, known locally as the city), was originally designed in 1872 by architects Henry Hunt and Hans Schroeder.This measure, enacted to shield the financial sector from the cost of receiving payments in suddenly devalued pesos, bankrupted thousands of homeowners and businesses by indexing mortgages to the value of the US dollar locally, which had risen around fifteenfold by July 1982 when Central Bank President Domingo Cavallo rescinded the policy.[5][6] During the years of Cavallo's Convertibility Law, which established a 1:1 fixed exchange rate between the Argentine peso and the United States dollar on April 1, 1991, the BCRA was mainly in charge of keeping foreign currency reserves in synch with the monetary base.The BCRA buys and sells dollars from the market as needed to absorb large foreign trade surpluses and keep the official exchange rate at internationally competitive levels for Argentine exports and to encourage import substitution.[20] Redrado's removal triggered a vocal rebuke from opposition figures in Congress, who, citing the need to preserve the Central Bank's nominal autarky, expressed doubts as to the decree's legality.The Bicentennial Fund, established in January 2010 as the vehicle for the controversial refinancing plan that led to Redrado's removal, financed fixed investment projects totaling US$2.4 billion in its first two years; a change proposed by President Fernández de Kirchner to the bank's governing statutes would allow it to function as a commercial lender outright.[24] Marcó del Pont's successor, National Bank President Juan Carlos Fábrega, shifted monetary policy to an anti-inflationary stance during 2014, however, raising the benchmark 3-month note interest rate to over 28%.
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