Argentina refuses to disclose location of Central Bank’s gold 

Lawyers representing Argentina in a New York court have refused to reveal the location of the Central Bank’s (BCRA) gold reserves, at least some of which is believed to be overseas.

In an ongoing lawsuit related to the 2012 expropriation of state energy firm YPF, the lawyers told  Judge Loretta Preska that the government could not reveal the location of the reserves to their opponents in the case.

Preska has ordered compensation for the nationalisation of the state oil company and the plaintiffs are seeking repayment.

“The Republic has repeatedly informed the plaintiffs that only the BCRA, a legally separate entity, holds the gold reserves. Citing a single news article from almost six months ago, the plaintiffs claim, ‘It has been widely reported that Argentina's gold reserves have been transferred to London,’” reads a statement sent by Argentina to Judge Preska’s office. 

The document was shared by Sebastián Maril, an analyst at the Latam Advisors consultancy firm, on X.

The plaintiffs, who are seeking to enforce a US$ 16.1 billion ruling against Argentina, are attempting to seize assets from institutions such as the BCRA, Banco Nación, and YPF, among others.

“As we have informed the plaintiffs, the Republic does not possess information about any movements of the BCRA's gold reserves. These matters fall exclusively within the remit of the BCRA's reserve management,” the submission continued.

Economy Minister Luis Caputo had previously confirmed that some of Argentina’s gold reserves had been moved abroad. He argued that this was a sound decision to generate a proper return on these holdings.

– TIMES/NA/BLOOMBERG