Overview
- The Milei administration relaunched its drive to overhaul the BCRA’s Carta Orgánica on Friday, July 3, proposing to reverse the 2012 'mandato múltiple' and restore a single, rigid mandate focused on preserving the peso.
- The draft measures reported by the government would bar central‑bank financing of the Treasury, outlaw tools such as remunerated short‑term debt and certain dollar operations, and seek a law that treats monetary issuance as an imprescriptible crime.
- Former BCRA presidents Mercedes Marcó del Pont and Miguel Pesce publicly rejected the proposal, arguing that removing multi‑objective tools would strip the bank of instruments used to support credit, production and jobs in crises like the pandemic.
- The government and some advisers point to Peru’s single‑goal central‑bank law as a model for lowering inflation and strengthening independence, while market analysts note recent 2026 BCRA operations to buy reserves that complicate claims about a single‑goal stance.
- The dispute is moving into a political and technical fight in Congress where lawmakers will weigh tight legal limits on issuance against concerns that banning central financing could leave the state without tools in severe fiscal or credit shocks.