Meanwhile, PRO’s lawmaker Federico Sturzenegger criticised the bill, saying it was only drafted to “respond to China’s request,” in reference to the currency swap deal reached with Beijing last month.

Wednesday, August 6, 2014

Lower House discusses central banks' immunity bill

The Lower House began to discuss today the bill, sent by the Executive in June, to provide legal immunity for assets held by foreign central banks in Argentina.

According to the terms of the bill, the immunity by Argentine courts would be extended to foreign central banks on the grounds that “protection is based on the convenience of preserving its monetary and foreign exchange policy.”

The Senate had unanimously given the green light to the bill last July.

The head of the Congressional Finance Comission, lawmaker Carlos Heller said there is a law on banks inmunity but that it is not specific for central banks. He pointed out that the new law will be enforced when Argentinean assets in other countries “receive the same treatment”.

Meanwhile, PRO’s lawmaker Federico Sturzenegger criticised the bill, saying it was only drafted to “respond to China’s request,” in reference to the currency swap deal reached with Beijing last month.