1935 changed the independence of the Central Bank of Argentina. The Central Bank of Argentina was established by the Argentine Congress on May 28th, 1935. The bank is responsible for replacing the Argentine Monetary Authority. It is an independent state-owned institution that independently formulates and implements monetary and financial policies. The basic duty of the Central Bank of Argentina is to keep the value of the Argentine currency stable. In order to perform its basic duties, the law authorizes the Central Bank of Argentina to manage the amount of money and credit, and to issue monetary, financial and foreign exchange rules and regulations in accordance with effective laws.