« Zero money printing, balanced accounts »
The government claims it has stopped « the printing press » and balanced the budget. On one point, this is true: the Central Bank no longer lends pesos directly to the Treasury (the adelantos transitorios are at zero).
But the deficit has not disappeared — it has changed pockets. The Central Bank's old peso debt (LELIQ) has been transferred to the Treasury (LECAP/BONCAP): a mountain of debt to be permanently refinanced at high rates. And the Central Bank transferred its accounting « profits » to the Treasury — a disguised money printing. The monetary base appears under control mainly because the pesos were absorbed by debt, not eliminated.
What creates pesos, month by month. The direct tap (adelantos) is closed; the April 2025 peak is the transfer of « profits » to the Treasury.