Central Bank Unveils Credit Expansion Package to Counter Family Loan Delinquencies
The Banco Central de la República Argentina and the Comisión Nacional de Valores are preparing five regulatory measures to expand peso-denominated credit, targeting personal loans, commercial financing, and corporate lending amid record family loan delinquencies. Central Bank Vladimir Werning detailed the initiatives during an investor round table at the annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand, in October 2026. The plan aims to stimulate monetary conditions, foster competition among financial intermediaries, and lower costs for businesses despite irregular banking loans reaching their highest levels in two decades.
Eliminating Interest Rate Caps for Public Sector Payroll Loans
The first initiative removes the interest rate ceiling on personal loans for public sector employees who repay through salary deduction codes. Under the new framework, the deduction code becomes transferable to any financial institution meeting regulatory standards, a change designed to give greater security to entities acquiring existing credit portfolios while expanding funding alternatives. Werning stated that the modification encourages public sector salary loans to circulate more widely across the financial system, allowing more lenders to participate and improving credit access conditions for borrowers.
Centralizing Private Sector Payroll Deductions Through Coelsa
The second measure establishes that private sector employee salary deductions will run centrally through the Cámara Electrónica de Compensación de Medios de Pago, known as Coelsa. Employees retain full authority over directing their funds, while employers are relieved of administrative tasks tied to the collection circuit. The policy aims to streamline the collection mechanism, minimize operational friction, and prevent companies from acting as financial intermediaries.
Transforming Credit Card Vouchers Into Transferable Digital Assets
The third proposal addresses merchant financing bottlenecks by recognizing credit card sales vouchers as legal, digital, and transferrable instruments capable of summary execution during defaults. These collection rights will gain access to wider financing channels through public offerings and open mutual funds. Merchants can leverage these future cash flows to secure liquidity without relying strictly on traditional bank lines or standard card administrator settlement periods.
Establishing a Federal Registry for Corporate Loan Collateral
The fourth initiative creates a Federal System of Guarantees featuring a centralized database of assets pledged as backing for guaranteed loans. The registry consolidates information regarding committed property to reduce uncertainty for financial institutions evaluating asset-backed corporate loans. Werning’s presentation outlined the framework to facilitate the use of patrimonial guarantees for business financing, though specific operational timelines were not disclosed.
Raising Leverage Limits for Mutual Guarantee Societies
The fifth measure focuses on Mutual Guarantee Societies (SGR), which provide endorsements for small and medium-sized enterprise loans. The government plans to raise the bank leverage limit to expand the reach of these guarantees and stimulate corporate credit. The adjustment targets companies lacking extensive financial histories or substantial property assets, providing them with enhanced backing capacity to secure better loan terms.