Argentina’s President-elect Javier Millay said today that shutting down the country’s central bank, a trademark campaign promise, was “not a negotiable issue,” according to a statement from his office posted on social media platform X.

The comments, in response to what he called “false rumours”, come as the liberal economist tries to assemble his economic team ahead of taking office on December 10, with some indications that he is choosing a more moderate cabinet than , what was expected.

The economist Osvaldo Giordano from the important central province of Córdoba will be raised head of the social security agency of Argentina’s ANSES, a key institution given Millay’s pledge to cut public spending and aid, the statement added.

This is a change from a previous plan in which Miley would have appointed a close ally to head the agency.

Horacio Marin, executive of a private energy company, will be the next head of the state oil company YPF.

Millay faces major obstacles to implementing his plans for more radical reforms, which include dollarizing the economy, closing the central bank and privatizing state-owned companies such as YPF, which will take time to complete.

His liberal coalition has a limited number of seats in Congress and no provincial governor. Miley will also have to deal with demands from the more conventional conservative coalition, whose public support was crucial to his victory in last week’s runoff election.