Argentina’s President-elect Javier Milei reaffirmed his unwavering commitment to closing the country's central bank, countering what he termed "false rumors" about his intentions. In a statement released via social media, Milei, known for his libertarian economic views, emphasized that the closure is a "non-negotiable matter."

As Milei prepares to assume office on December 10, there are indications that he is opting for a somewhat more moderate cabinet than initially anticipated. This shift in strategy is evident in his selection of economist Osvaldo Giordano, from the central Cordoba region, to head ANSES, Argentina's social security administration. This choice marks a departure from Milei's earlier plan to appoint a close ally for the position, reflecting a potential move towards a more balanced approach to governance.

Argentina's new president Javier Milei makes good on his promise: he will be shutting down the Central Bank. “The closing of the Central Bank (BCRA) is non-negotiable.” pic.twitter.com/gtXku3PqQG

— Ian Miles Cheong (@stillgray) November 24, 2023

In another key appointment, Horacio Marin, a private energy sector executive, has been confirmed as the incoming chief of state oil company YPF.

Milei, however, faces significant obstacles in realizing his ambitious reform agenda. His proposals include dollarizing Argentina's economy, dismantling the central bank, and privatizing state enterprises like YPF. The implementation of these reforms will require time and may encounter practical challenges, Reuters reports.

One of the critical hurdles for Milei is the limited representation of his libertarian coalition in Congress, coupled with the absence of provincial governors from his political fold. Furthermore, Milei must navigate the expectations of the more mainstream conservative bloc, whose support played a crucial role in his victory in the recent run-off election.