The Argentine government has reiterated its commitment to the so-called 'tax innocence law', aiming to encourage individuals who keep their savings 'in the mattress' — informal savings not in the banking system — to deposit those dollars into banks. The Central Bank of Argentina (BCRA) and the Financial Information Unit (UIF) issued a joint statement reminding banks that existing regulations on the Prevention of Money Laundering do not prohibit cash deposits, regardless of the amount. This approach is designed to help stimulate economic activity by bringing more dollars into the formal economy.

This initiative is part of a broader strategy by the government to incentivize more Argentines to integrate their savings into the banking sector, which is critical for economic recovery. By exempting small depositors from extensive documentation, the BCRA and UIF hope to alleviate concerns that discourage people from using banks, thus potentially increasing the liquidity in the financial system. The 'tax innocence law' aims to provide a safe harbor for individuals to disclose and formalize their savings without facing punitive measures related to their tax status.

Despite the positive intentions, the effectiveness of this strategy remains to be seen, as many citizens may still be skeptical about depositing their money in banks, given past economic crises in Argentina. Moreover, it reflects an ongoing challenge for the government in building trust in the financial system while attempting to boost economic activity and stability. Whether this policy will lead to a significant increase in bank deposits will depend on the economic climate and the public's perception of financial security in the country.