The closing of the nation’s central bank, a key campaign promise, is a “non-negotiable matter,” according to a statement from Javier Milei’s office released on social media site X on Friday.

The outsider libertarian economist made the remarks in reaction to what he described as “false rumours” as he scrambles to assemble his team before taking office on December 10; there are some indications that he is selecting a more moderate Cabinet than anticipated.

The statement also stated that Osvaldo Giordano, an economist from the important central Cordoba region, will serve as the head of Argentina’s social security office, ANSES, a crucial organisation considering Milei’s commitment to reduce state spending and subsidies.

This is different from Milei’s earlier desire to name a close buddy to head the government.

It was also reported that Horacio Marin, an executive in the commercial energy industry, will take over as head of the state oil corporation YPF.

Milei’s more drastic reform ideas, like dollarizing the economy, closing the central bank, and privatising state firms like YPF, will be difficult to carry out over time, if at all.

There aren’t any provincial governors and his libertarian coalition just has a few congressional seats. Milei must also balance the demands of the more mainstream conservative group, whose support from the electorate was crucial to his victory in last week’s run-off election.

(Adapted form CNBC.com)

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