Regulatory Alerts2025-12-04 | A 8359Circular CAMEX 1-1057: Modification of Communication A 3500 – Provisions for Determining the Reference Exchange Rate
The Central Bank of the Argentine Republic (BCRA) issued Circular CAMEX 1-1057 to modify Communication A 3500, updating the data collection and calculation methodology for the Reference Exchange Rate (TCR) effective January 2, 2026. The revised framework mandates that the BCRA calculate the TCR daily as a weighted average of foreign transfer dollar against transfer pesos (UST$T) operations meeting specific criteria, including a minimum USD 500,000 amount, standard terms, and visible market bids. Furthermore, the updated provisions require daily publication of the TCR via Communication C, maintain USMEP operations on non-US business days, and ensure transaction data availability through the BCRA Library within three banking business days following processing.
. “Year of the Reconstruction of the Argentine Nation” “Year of the Reconstruction of the Argentine Nation” . COMMUNICATION “A” 8359 04/12/2025 TO FINANCIAL ENTITIES, TO TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE FINANCIAL ENTITIES LAW, TO CREDIT PORTFOLIO ADMINISTRATORS OF EX-FINANCIAL ENTITIES, TO FOREIGN EXCHANGE OPERATORS, TO EXCHANGE HOUSES, TO EXCHANGE AGENCIES, TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO ELECTRONIC CLEARING HOUSES: Ref.: Circular CAMEX 1-1057: Modification of Communication A 3500 – Provisions for Determining the Reference Exchange Rate.
We address you to inform that, effective from 02/01/26, the Central Bank of the Argentine Republic (BCRA) will replace the text of Communication A 3500 to update the method for collecting data and calculating the Reference Exchange Rate (TCR). From that date, the current text of the aforementioned communication will be as follows: 1- The Central Bank of the Argentine Republic (BCRA) will determine the Reference Exchange Rate (TCR) daily by calculating the weighted average price of all operations considered according to the following criteria: a. Amount: executed operations equal to or greater than USD 500,000 (five hundred thousand United States dollars). b. Currency: foreign transfer dollar against transfer pesos (UST$T). c. Term: corresponding to the highest executed volume. d. Characteristic: only visible and operable bids by all participants will be considered, excluding operations requested via quotation or channeled through foreign exchange brokers. 2- The calculation methodology is as follows:
-2- where: = exchange rate price (ARS/USD) of each UST$T operation; = amount in United States dollars (USD) of the operation; and = total number of UST$T operations executed in the CAM1 round. On non-business days in the United States, the currency with the highest operated volume will be used, including foreign exchange MEP dollar against transfer pesos (USMEP) operations. 3- The BCRA will report daily via Communication C the resulting TCR in accordance with the prescribed procedure and publish it on its institutional website. 4- The BCRA Library will make available to interested parties information regarding the transactions from the 3rd (third) banking business day following the date on which the corresponding operations have been processed. We greet you cordially. CENTRAL BANK OF THE ARGENTINE REPUBLIC María Florencia Schuster Diego Jorge Lopez Airaghi Head of Operations Analysis Chief Manager of Market Operations