MercoPress. South Atlantic News Agency

Argentine Appellate Court orders Central Bank to disclose details of gold shipments abroad

The BCRA must now provide the requested documentation or submit an exhaustive, itemized justification for any data it continues to withhold

The Buenos Aires Federal Administrative Court of Appeals has dealt a significant legal blow to the Central Bank of the Argentine Republic (BCRA), ordering it to release detailed information regarding the shipment of national gold reserves overseas.

Monday's ruling overturned a previous lower court decision that had allowed the bank to keep the operations secret.

In mid-2024, the Banking Association labor union, led by lawmaker Sergio Palazzo, filed multiple requests under the Access to Public Information Act, seeking to clarify reports that several shipments of gold bars were sent to London to be deposited at the Bank for International Settlements.

The union's request demanded the specific amounts of gold moved during June, July, and August, plus the names of the companies hired for transport, insurance costs, and freight details. Additionally, it requested all administrative files, the names of the officials participating in the transaction, and the involvement of the bank’s internal receivership.

The BCRA declared the information “totally confidential,” arguing that disclosure could compromise the security of the reserves and destabilize the financial system.

However, Justices Guillermo Treacy and Pablo Gallegos Fedriani of the Court's Fifth Panel ruled that the bank's refusal was based on “generic statements” that failed to prove a concrete risk.

The court emphasized that the right to information is a fundamental pillar of public oversight, particularly regarding the administration of international reserves.

The judges also noted that the State must demonstrate “point by point” why specific data cannot be disclosed, rather than issuing a blanket refusal.

The magistrates cited the fact that government officials had already publicly acknowledged the shipments in the media, making absolute secrecy contradictory to the principle of “good faith.”

Hence, the BCRA must now provide the requested documentation or submit an exhaustive, itemized justification for any data it continues to withhold. The court suggested the use of a “dissociation mechanism,” allowing the bank to redact strictly sensitive security details, such as the exact location of vaults, while releasing administrative and contractual information.

The ruling comes at a time of intense scrutiny over the government's management of international assets. Analysts suggest the gold was likely moved to generate returns or to serve as collateral for liquidity in US dollars.