Argentine Appellate Court Orders Central Bank to Disclose Gold Reserve Shipments

Court Mandates Transparency for Gold Reserves

A recent ruling by the Buenos Aires Federal Administrative Court of Appeals has ordered the Central Bank of the Argentine Republic (BCRA) to disclose comprehensive details regarding the shipment of national gold reserves overseas. The decision, handed down by Justices Guillermo Treacy and Pablo Gallegos Fedriani of the Fifth Panel, overturns a previous lower court ruling that had allowed the BCRA to keep these operations confidential.

The court emphasized that the right to information is a fundamental aspect of public oversight, particularly concerning the administration of international reserves. It found the Central Bank's arguments for secrecy, which cited potential risks to the security of reserves and financial stability, to be based on 'generic statements' that failed to prove a concrete threat.

Origin of the Inquiry and Central Bank's Initial Stance

The legal challenge originated in mid-2024 when the Banking Association labor union (La Bancaria), led by lawmaker Sergio Palazzo, filed multiple requests under the Access to Public Information Act. The union sought clarification on reports that several shipments of gold bars had been sent to London, reportedly for deposit at the Bank for International Settlements or for repo operations.

Specifically, La Bancaria demanded information on:

• The specific amounts of gold moved during June, July, and August 2024.
• The names of the companies hired for transport.
• Insurance costs and freight details.

The BCRA initially declared the information 'totally confidential,' citing concerns that disclosure could compromise the security of the reserves and destabilize the financial system.

Broader Context and Legal Implications

The court's ruling comes amidst heightened scrutiny over Argentina's management of international assets. Economy Minister Luis Caputo had publicly acknowledged the gold shipments in July 2024, describing the move as 'very positive' for generating returns or serving as collateral for liquidity in US dollars.

Adding another layer of complexity, a separate order from a New York court by Judge Loretta Preska in January 2025 also compelled Argentina to provide information on its gold reserves. This was in response to a request from hedge fund Burford Capital, linked to a US$16.1 billion lawsuit concerning the expropriation of the energy company YPF.

In a significant development, recent reports indicate that the Central Bank has admitted that the gold shipment operations conducted throughout 2024 lacked formal contracts or legal documentation. This revelation raises concerns about the transparency and accountability of the process and could potentially lead to criminal liability for authorities involved.

Conclusion

The appellate court's decision underscores a commitment to transparency and public accountability in the handling of national assets. The Central Bank now faces the choice of either providing the requested documentation or offering an exhaustive, itemized justification for any data it continues to withhold, potentially utilizing a 'dissociation mechanism' to redact only strictly sensitive security details.