DID THE BCRA MAKE A “BAD TRADE” WORTH USD 1.023 BILLION? 🇦🇷📉
The AGN approved the Central Bank’s 2025 financial statements, but dropped a bombshell in its report: derivatives transactions linked to gold recorded a loss of USD 1.023 billion.
The AGN went further, arguing that the BCRA “got the gold price trajectory wrong.”
The Central Bank says it wasn’t a speculative trade but a hedge: gold rose sharply, and looking at the entire position, it says it made a net gain of USD 2.505 billion.
So, what was it?
A bad trade worth USD 1.023 billion… or simply the accounting cost of hedging a position that ultimately made a profit?
A note to avoid confusing the scales: USD 1.023 billion = USD 1,023 billion in the Anglo-American numbering system, not “one trillion dollars.”
The AGN approved the Central Bank’s 2025 financial statements, but dropped a bombshell in its report: derivatives transactions linked to gold recorded a loss of USD 1.023 billion.
The AGN went further, arguing that the BCRA “got the gold price trajectory wrong.”
The Central Bank says it wasn’t a speculative trade but a hedge: gold rose sharply, and looking at the entire position, it says it made a net gain of USD 2.505 billion.
So, what was it?
A bad trade worth USD 1.023 billion… or simply the accounting cost of hedging a position that ultimately made a profit?
A note to avoid confusing the scales: USD 1.023 billion = USD 1,023 billion in the Anglo-American numbering system, not “one trillion dollars.”