The Government has already canceled more than half of the debt that Kirchnerism left the Central Bank

It is about the Non-Transferable Letters (IL)an asset that was in the Central Bank (BCRA) and that had been issued on different occasions by the Ministry of Economy during the Kirchnerist governments.

The BCRA received that letter and transferred dollars to the Treasury. But those letters They were not quoted at market price and, although they appeared as an asset for the Central, They were of no use in financial terms.

The government of Javier Miley decided, after the agreement with the International Monetary Fund in April of last year, to begin a program of buybacks of those letters.

The stock of Non-Transferable Bills decreased from US$69.3 billion that there was in 2023 to the current US$ 32,000 million that remain, that is, a reduction of 53% of the totalcalculated Salvador Vitelli, economist at Romano Group.

In the first instance, last year, it did so with the first disbursement of dollars that Washington made. With these currencies, Economía repurchased an important part of the stock of Nontransferable Bills and gave those dollars to the BCRA in exchange to add to its own reserves. They were some US$12 billion in that first operation.

This Tuesday there was one more transaction, 18.4 billion pesos, to repurchase LI, according to a decree published in the Official Gazette, but it was done in pesos, without dollars involved.

Economy, in turn, had received those pesos as a transfer of profits from the BCRA for the accounting profits which it had throughout 2025. Of the Central’s profits, $6 billion remained in the Treasury account.

A part of those accounting profits computed by the Central Bank are explained, in turn, for the previous buyback of Nontransferable Letters, in 2025 with IMF money.

This happens because the Central Bank has recorded these bills at a price close to the 30% of its value nominal (that is, 30 dollars for every 100 dollars issued), but the price at which the repurchase was made was with a higher parity, greater than 60%.

That difference resulted last year a profit for the BCRAin pesos. Those pesos returned to the Treasury and were reused for a new repurchase of Nontransferable Bills.

The circle would continue next year: This week’s operation would once again leave you with an accounting profit of almost US$ 5,000 million to the BCRAAccording to estimates by economist Salvador Vitelli, the Central Bank could turn it over to the Economy again in 2027, so that it can carry out another buyback.