A series of gold bullion transfers abroad by the Argentine government has sparked a series of criticisms behind this action, bringing several lawmakers to question the secrecy of this matter.
While experts state that this movement has to do with the efficient utilization of these resources, the government has not issued official statements on the issue.
Argentine Government’s Secrecy Over Gold Transfers Abroad Worries Lawmakers
The secrecy of Argentine gold’s recent transfers abroad worries lawmakers and politicians alike, who have zero information about the destiny or the motivations behind these transfers.
Sergio Palazzo, an Argentine lawmaker, recently revealed having made several public information requests that the Central Bank of Argentina has denied.
Palazzo reported that the institution refused to answer these requests, supporting this action in the dangers of opening this info to the general public. He said that the central banks stated:
“Any data linked to geographic location… could jeopardize the security of these assets, with its consequent impact on the support of the implemented monetary and exchange rate policy, the bakcking of deposits, and the security of the financial system.”
El día jueves el BCRA contestó mis tres pedidos de acceso a la Información Pública.
Las autoridades del BCRA resolvieron “En los términos del artículo 8 inciso B y C de la ley 27.275 de derecho de acceso a la información pública declarar la reserva y DENEGAR las solicitudes de…
— Sergio Omar Palazzo (@SergioOPalazzo) August 19, 2024
Juliana Di Tullio, a national senator, also directed an information request to the Ministry of Economy, stating that she will exert legal action if it is not answered satisfactorily. The note questions the ministry on the number of gold tons that were transferred, whether a risk study was carried out on moving these resources, and the cost of moving them, among other subjects.
While there is no official info on this, Palazzo estimates there have been 4 or 5 gold transfers abroad, without specifying the country of destiny.
Local sources with knowledge of the matter told Infobae that these transfers obeyed a resource utilization efficiency issue and that holding these reserves abroad eased the path to use them in different ways.
Nonetheless, some countries have faced difficulties in regaining control of gold reserves under the custody of third parties. Venezuela is still embroiled in a legal battle to repatriate over $1.8 billion in bullion held in the U.K.