The Government has made official the intervention of the Minta measure that marks a turning point in the management of this state entity. The decision, announced through Decree 964/2024, signed by President Javier Milei and the Minister of Economy Luis Caputo, establishes a period of 180 days to carry out an exhaustive audit and define the necessary measures for its definitive closure.
The Mintcreated in 1875, has been responsible for the production of banknotes, passports and other security documents. However, in recent years, the entity has faced serious infrastructure problems and a debt close to 400 million dollars.
The Mint’s ability to print banknotes has been seriously diminished, leading the Central Bank to suspend contracts for the production of low-denomination banknotes and prioritize the issuance of $10,000 and $20,000 bills.
The designated auditor, Pedro Daniel Cavagnaro, will assume his duties as of November 1 and will have broad powers to review contracts, administrative and labor processes.. Among his tasks, Cavagnaro must carry out an exhaustive survey of the assets, personnel, contracts and judicial processes in which the Mint is involved.
In addition, the auditor is expected to prepare a detailed report on the state of the entity and propose a reformulation, readjustment and action plan for society. The decree also establishes the need to renegotiate current contracts, including printing services for license plates and stamps.
Likewise, the review and modification of the Collective Labor Agreements of contracted personnel is foreseen, with the aim of optimizing the activities of the entity and guaranteeing effective administration.
Intervention
The intervention of the Mint It is framed in a context of profound reorganization of public companies, driven by Milei’s management in the face of the public emergency in economic, financial, fiscal, administrative, pension, tariff, health and social matters.
This measure seeks not only to optimize the entity’s operations, but also to contribute to fiscal balance and improve operational efficiency. The closure of the Mint represents a significant challenge for the Government, since it implies the redistribution of the tasks it carried out to other areas that are already in operation.
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