Subnational public finance in Argentina

Key findings Link to heading

  • Buenos Aires province and the City of Buenos Aires together concentrate over 60% of all public-sector deposits, despite representing approximately 45% of the national population — a disparity consistent with the fiscal centralisation that has characterised Argentine federalism since the 1990s.
  • Misiones ranks 19th out of 24 jurisdictions in absolute deposits (0.8% of the national total, Dec 2025) and 23rd per capita, alongside Corrientes and Salta; the entire NEA region (Misiones, Corrientes, Chaco, Formosa) accounts for only 3.6% of national deposits despite representing over 9% of the population.
  • Provinces with smaller own-source tax bases tend to exhibit higher loan-to-deposit ratios; Misiones’ ratio of 0.45 is among the highest in the country, suggesting a fiscal structure more reliant on credit than on accumulated savings.
  • Fixed-term deposits as a share of total deposits vary substantially across jurisdictions; in Misiones, 26% of deposits are locked in fixed-term instruments — the highest proportion in the NEA — indicating a preference for interest-bearing instruments over liquid reserves.

24 Argentine jurisdictions, one central bank — which ones save the most and which borrow the most? This dashboard maps monthly deposits and loans held by provincial governments, reported by the Central Bank (BCRA) since 2002. The map colours each province by the selected indicator — darker means higher values. The slider moves through time; press Play to animate. The charts below appear when you click a province: the left panel breaks down deposit types (current account, savings, fixed-term), while the right panel shows the province’s historical trend versus the national average. Use “% of national total” to strip out inflation. Open fullscreen

Data: BCRA — Depósitos y préstamos del sector público · Population: INDEC Census 2022.

Misiones in context Link to heading

Misiones is home to 1.27 million people (2.8% of Argentina’s population), yet its provincial government holds just 0.8% of total public-sector deposits nationwide — ranking 19th out of 24 jurisdictions (Dec 2025). In per-capita terms it sits near the bottom (23rd), alongside Corrientes and Salta. The entire NEA region (Misiones, Corrientes, Chaco, Formosa) accounts for only 3.6% of national deposits despite representing over 9% of the population.

Where large provinces like Buenos Aires or Córdoba keep nearly all their funds in current accounts (loan-to-deposit ratios close to zero), Misiones borrows more relative to what it saves: its loan/deposit ratio (0.45) is one of the highest in the country, suggesting a fiscal structure more reliant on credit. At the same time, 26% of Misiones’ deposits are locked in fixed-term instruments — the highest share in the NEA — which signals a preference for earning interest rather than keeping liquid cash.

In short: Misiones saves little compared to its size, borrows relatively more, and locks a larger share of what it has into fixed-term deposits — a pattern shared with other provinces that have a smaller own-source tax base.