Circular LISOL 1-1128, OPRAC 1-1299, REMON 1-1146: Minimum Cash. Financing to the Non-Financial Public Sector. Classification of Debtors. Update.

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8378 19/12/2025 TO FINANCIAL ENTITIES, TO TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE FINANCIAL ENTITIES LAW, TO CREDIT PORTFOLIO ADMINISTRATORS OF EX-FINANCIAL ENTITIES, TO MUTUAL GUARANTEE COMPANIES, TO PUBLIC-CHARACTER GUARANTY FUNDS, TO NON-FINANCIAL ENTERPRISES ISSUING CREDIT CARDS, TO NON-FINANCIAL ENTERPRISES ISSUING PURCHASE CARDS, TO OTHER NON-FINANCIAL CREDIT PROVIDERS, TO CREDIT-AMONG-INDIVIDUALS SERVICE PROVIDERS THROUGH PLATFORMS: Ref.: Circular LISOL 1-1128, OPRAC 1-1299, REMON 1-1146: Minimum Cash. Financing to the Non-Financial Public Sector. Classification of Debtors. Update.

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We address you to forward the attached sheets, replacing those previously provided, which must be incorporated into the consolidated texts on Minimum Cash and Financing to the Non-Financial Public Sector, based on provisions disclosed in Communications A 8302, 8305, 8306, 8350, and 8355. Likewise, a regulatory clarification is incorporated in point 1.1.3 of the consolidated text on Minimum Cash, and an update is made in point 3.4.2 of the consolidated text on Classification of Debtors. It is recalled that on this Institution's website www.bcra.gob.ar, by accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Consolidation and Summaries – General Regulatory Consolidated Texts”, the modifications made with specially highlighted text (strikethrough and bold) will be found. We greet you cordially.

-2- CENTRAL BANK OF THE ARGENTINE REPUBLIC Pablo D. Montero Darío C. Stefanelli Issuance Manager Chief of Norms to/a Principal Issuance and Normative Applications Manager

ANNEX

1.1.2.4. Obligations for cash purchases to be settled and forward sales. 1.1.2.5. Cash sales to be settled and forward sales, linked or not to active repos. 1.1.2.6. Correspondency operations abroad. 1.1.2.7. Demand obligations for pending foreign transfers to be settled, provided they do not exceed 3 business days from the date of crediting. 1.1.2.8. Obligations with merchants for sales made using debit, prepaid, credit and/or purchase cards. 1.1.3. Computation. The included obligations shall be computed based on the balances of effectively transacted capital, including, where applicable, quotation differences (positive or negative). Interest and premiums accrued – due or to become due – on the included obligations are therefore excluded, provided they have not been credited to account or made available to third parties; and, in the case of fixed-term deposits in Value Acquisition Units (UVA) and Housing Units (UVI), the amount accrued from the increase in the value of those units. Passive repos and borrower stock pledges shall be computed based on their joint net position – provided it is negative (borrower) – when they share the same maturity and are conducted against a central counterparty (CCP) in a market authorized by the National Securities Commission. 1.2. Application Base. The minimum cash requirement shall be determined from the average of daily balances of the included obligations: − recorded at the close of each day during the period prior to integration, when dealing with peso requirements, except for peso deposits in accounts of payment service providers offering payment accounts (PSPOCP) where their clients' funds are deposited (point 1.3.14.); − recorded at the close of each day during each calendar month, for requirements in foreign currency, securities, and peso deposits in PSPOCP accounts where clients' funds are deposited (point 1.3.14.). Averages are obtained by dividing the sum of daily balances by the total number of days in each period. Days with no recorded movement shall repeat the balance from the immediately preceding business day. The requirement shall be observed separately for each currency and/or securities and monetary regulation instruments in which the obligations are denominated.

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Concept	Rates in % Group A and G-SIB not included in that group	Remaining entities
1.3.1. Current accounts and demand accounts opened in cooperative credit boxes.
1.3.1.1. In pesos.	45	20
1.3.1.2. In foreign currency (current account).	25	25
1.3.2. Savings accounts, salary/social security accounts and special deposits – with the exception of those included in points 1.3.7., 1.3.10. and 1.3.15.–, other deposits and demand obligations, pension benefits credited by ANSES pending cashing, and immobilized balances corresponding to obligations included in these regulations.
1.3.2.1. In pesos.	45	20
1.3.2.2. In foreign currency.	25	25
1.3.3. Unused balances of formalized current account advances.
1.3.3.1. In pesos.	45	20
1.3.3.2. In foreign currency.	25	25
1.3.4. Deposits in current accounts of non-bank financial entities, computable for the integration of their minimum cash.	100	100
1.3.5. Fixed-term deposits, obligations for “acceptances” – including liabilities from sale or assignment of credits to subjects other than financial entities –, constant-term investments, with early cancellation option – excluded from point 1.3.12.– or fixed-term renewal option – with variable remuneration, and other term obligations except deposits included in points 1.3.7. to 1.3.9. and 1.3.11.–, and debt securities (including debentures), according to their residual term:

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Concept	Rates in % Group A and G-SIB not included in that group	Remaining entities
1.3.5.1. In pesos.
i) Up to 29 days.	28,5	14,5
ii) From 30 to 59 days.	17,5	10,5
iii) From 60 to 89 days.	7,5	5,5
iv) From 90 days or more.	3,5	3,5
1.3.5.2. In foreign currency.
i) Up to 29 days.	23	23
ii) From 30 to 59 days.	17	17
iii) From 60 to 89 days.	11	11
iv) From 90 to 179 days.	5	5
v) From 180 to 365 days.	2	2
vi) More than 365 days.	0	0
1.3.6. Obligations for foreign financial lines.	0	0
Does not include those instrumented via:
1.3.6.1. Fixed-term deposits made by residents abroad linked to the entity according to point 1.2.2 of the TO on Large Credit Risk Exposures, according to their residual term, to which correspond:
i) Up to 29 days.	23	23
ii) From 30 to 59 days.	17	17
iii) From 60 to 89 days.	11	11
iv) From 90 to 179 days.	5	5
v) From 180 to 365 days.	2	2
vi) More than 365 days.	0	0
1.3.6.2. Instrumented via fixed-term deposits – except those provided in point 1.3.6.1.– or the acquisition of debt securities: they correspond to the requirement provided in point 1.3.5.

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Concept	Rates in % Group A and G-SIB not included in that group	Remaining entities
1.3.7. Demand and term deposits made by court order with funds originating in the cases they intervene, and their immobilized balances.
1.3.7.1. In pesos.
a) Demand.	22	10
b) According to residual term.
i) Up to 29 days.	25,5	13,5
ii) From 30 to 59 days.	17,5	10,5
iii) From 60 to 89 days.	7,5	5,5
iv) From 90 days or more.	3,5	3,5
1.3.7.2. In foreign currency.	15	15
1.3.8. Term investments instrumented in transferable bearer certificates, in pesos, corresponding to public sector holders who have the right to exercise early cancellation option within a term of less than 30 days counted from their establishment.	28,5	14,5
1.3.9. UVA and UVI term deposits and investments – including savings accounts and debt securities (including debentures) in UVA and UVI –, according to residual term.
i) Up to 29 days.	10,5	10,5
ii) From 30 to 59 days.	8,5	8,5
iii) From 60 to 89 days.	6,5	6,5
iv) From 90 days or more.	3,5	3,5
1.3.10. Labor Termination Fund for Construction Industry Workers and for Workers covered by Law 20.744, in UVA.	10,5	10,5
1.3.11. Term deposits and investments constituted in the name of minors from funds received gratuitously.	3,5	3,5
1.3.12. Peso deposits, demand and term investments with early cancellation option from the day the investor can exercise that option, constituting the equity of money market common investment funds.	40	40

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Concept	Rates in % Group A and G-SIB not included in that group	Remaining entities
1.3.13. Passive repos and borrower stock pledges – passive –, according to residual term.
1.3.13.1. In pesos:
i) Up to 29 days.	40	40
ii) From 30 days or more.	35	35
1.3.13.2. In foreign currency (passive repos):
i) Up to 29 days.	23	23
ii) From 30 to 59 days.	17	17
iii) From 60 to 89 days.	11	11
iv) From 90 to 179 days.	5	5
v) From 180 to 365 days.	2	2
vi) More than 365 days.	0	0
1.3.14. Peso deposits in accounts of payment service providers offering payment accounts (PSPOCP) where their clients' funds are deposited.	100	100
1.3.15. Deposits in special accounts:
1.3.15.1. In pesos (“Special accounts for holders with agricultural activity” and “Special accounts for exporters”).	3,5	3,5
1.3.15.2. In US dollars (“Special accounts to credit export financing”).	0	0
1.3.16. Financial entities may integrate the peso requirement – for the period and daily – with “National Treasury Bonds in pesos maturing May 23, 2027”, “National Treasury Bonds in pesos maturing November 23, 2027” and with national public securities in pesos provided in point 1.3.17. up to:
a) 5 percentage points of the rates provided in point 1.3.8., in subsections i) and ii) of point 1.3.5.1., and in clause a) and subsections i) and ii) of clause b) of point 1.3.7.1.
b) 2 percentage points of the rates provided in subsection iii) of point 1.3.5.1. and in subsection iii) of clause b) of point 1.3.7.1.
c) 45 percentage points of the rate provided in point 1.3.14.

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d) Entities included in Group A and branches or subsidiaries of G-SIB not included in that group: 5 percentage points of the rates provided in points 1.3.1.1., 1.3.2.1. and 1.3.3.1. 1.3.17. Financial entities may integrate the peso requirement – for the period and daily – with BCRA Liquidity Letters (LELIQ) – those of shortest issuance term – and/or BCRA Notes (NOBAC) and/or national public securities in pesos – including those adjustable by CER and with dual currency yield (BONO DUAL) and excluding those linked to the evolution of the US dollar – with residual term at the time of integration not exceeding 760 calendar days acquired through primary subscription as follows: 1.3.17.1. Demand impositions provided in points 1.3.1.1., 1.3.2.1. and 1.3.3.1. i. Entities included in Group A and branches or subsidiaries of G-SIB not included in that group up to 0 percentage points of the rate provided. ii. Entities not included in the preceding clause up to 6 percentage points of the rate provided. 1.3.17.2. Fixed-term deposits and term investments – excluding those included in point 1.3.12.– made by holders of the non-financial private and public sectors, and those provided in points 1.3.7.1. and 1.3.10.: the entire requirement, except percentage points admitted for integration with public securities provided in point 1.3.18. 1.3.17.3. Term investments with variable remuneration made by clients with agricultural activity – according to point 2.5.2.2 of the TO on Term Deposits and Investments –: the entire requirement, except percentage points admitted for integration with public securities provided in point 1.3.18. 1.3.17.4. Other placements. i. Entities included in Group A and branches or subsidiaries of G-SIB not included in that group: a) up to 9 percentage points of the rate provided in clause i) of point 1.3.5.1.; b) up to 7 percentage points of the rate provided in clause ii) of point 1.3.5.1.; c) up to 3 percentage points of the rates provided in clauses i) to iii) of point 1.3.9.; and d) up to 2 percentage points of the rate provided in clause iii) of point 1.3.5.1.

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ii. Entities not included in the preceding clause: a) up to 3 percentage points of the rates provided in clause i) of point 1.3.5.1., and clauses i) to iii) of point 1.3.9.; and b) up to 2 percentage points of the rate provided in clause ii) of point 1.3.5.1. 1.3.18. Financial entities may integrate the peso requirement with national public securities in pesos provided in point 1.3.17. that have a term at the time of subscription not less than 60 days, as follows: 1.3.18.1. Up to 5.5 percentage points of the rates provided in points 1.3.1.1., 1.3.2.1. and 1.3.3.1. with the mentioned public securities acquired in primary subscription from August 25, 2025. 1.3.18.2. Up to 3.5 percentage points of the rates provided in points 1.3.5.1., 1.3.7.1., 1.3.8. to 1.3.12., 1.3.13.1. and 1.3.15.1. with the mentioned public securities acquired in primary subscription from August 25, 2025. 1.3.18.3. Up to 3 percentage points of the rates provided in points 1.3.1.1., 1.3.2.1. and 1.3.3.1. with the mentioned public securities acquired in primary subscription from November 20, 2025. Furthermore, the integration of the peso minimum cash requirement – for the period and daily – permitted by these regulations with national public securities in pesos – including those adjustable by CER and with dual currency yield (BONO DUAL) and excluding those linked to the evolution of the US dollar acquired through primary subscription – may be effected with these securities, with residual term not less than 300 days nor greater than 730 calendar days at the time of subscription, received in swap operations arranged by the National Government for securities acquired both through primary subscription and in the secondary market. To be admitted, integration with national public securities in pesos, LELIQ and/or NOBAC as provided in this point must be valued at market prices – regardless of the valuation criterion for accounting registration – and deposited in Subaccount 60 minimum cash enabled in the Central Registry and Clearing of Public Debt, Monetary Regulation and Financial Trust Instruments (CRYL). Additionally, LELIQ effectively used to integrate guarantees covering net debtor balances arising in the clearing processes of electronic clearing chamber peso operations, not exceeding 50% of the guarantees required for each product, are also admitted for integrating the peso minimum cash requirement provided in point 1.3.17.

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1.4. Residual Term. 1.4.1. Determination. 1.4.1.1. General case. The residual term of each term obligation equals the number of days remaining until maturity. 1.4.1.2. Term investments. In the case of term investments, the following criteria apply: i) Constant term. The remaining term until maturity shall be considered, taking into account automatic extension or, where applicable, the term resulting from exercising the revocation option. ii) With early cancellation option. The remaining term until the date the investor can exercise the early cancellation option shall be considered, provided they are the rights holder, or the originally agreed term, if the entity holds that right. iii) With fixed-term renewal option. The remaining term until maturity shall be considered, taking into account the eventual exercise of the extension option by the entity, provided it holds the right. When the investor holds that right, the originally agreed term or, where applicable, the term resulting from renewal upon exercising the option shall be considered. 1.4.1.3. Refinancable term obligations. When the financial entity concludes option agreements or contracts ensuring total or partial refinancing of term obligations, to establish the residual term until maturity, the term resulting from using these facilities shall be considered for the portion of liabilities included in the agreement. This criterion applies when the agreement is conducted with a foreign bank meeting point 3.1 of the TO on Credit Evaluations – requiring at least one international investment grade risk rating –, provided it is not the parent company, controlling or controlled entity, or branches of the local entity.

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1.4.1.4. Obligations for foreign financial lines (not linked to financing of foreign trade operations). i) With early cancellation clauses. For determining the residual term, the remaining term until the date contractually stipulated for the foreign entity to request early cancellation or the originally agreed term shall be considered, when subject to a decision by the local entity. This criterion applies when conducted with a foreign bank meeting point 3.1 of the TO on Credit Evaluations – requiring at least one international investment grade risk rating –, provided it is not the parent company, controlling or controlled entity, or branches of the local entity. ii) Without early cancellation clauses. The remaining term until maturity shall be considered, provided early cancellation is explicitly excluded by either party. Otherwise, they receive demand obligation treatment. 1.4.2. Fixed-term deposits. In the case of peso fixed-term deposits, the established rates – according to maturity tiering – shall apply to daily balances of the aforementioned obligations determined based on point 1.2. For foreign currency fixed-term deposits, the established rates – according to maturity tiering – shall apply to amounts resulting from multiplying the total daily balance of those obligations – registered in the month corresponding – by percentages resulting from the previous month's residual term structure, considering the number of days remaining in that period until maturity for each obligation, counted from each day of said interval. 1.4.3. Remaining term operations. In these cases – including term investments and obligations with foreign banks and correspondents computable – residual terms equal the number of days remaining until maturity for each obligation, counted from each day of the period prior to the one corresponding to minimum cash integration, when dealing with peso impositions, or from the same period for foreign currency operations or securities. The requirement shall arise from applying established rates to daily balances of the aforementioned obligations based on different residual term tiers.

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In the particular case of capital installment payment obligations, amortization service amounts maturing within one year, counted from each day of the period prior to which minimum cash in pesos applies or from the same period for foreign currency obligations, shall be considered independently for applying the appropriate rate based on the number of days remaining until maturity. 1.5. Reduction of average peso requirement. 1.5.1. By compliance with Minimum SME Quota and based on certain financings. For financial entities covered by Section 6., compliance with the Minimum SME Quota of the previous quarter is required to compute this reduction during each quarter. The requirement shall be reduced according to the participation in total financings to the non-financial private sector in pesos of the entity, of financings to micro, small and medium enterprises (SMEs) in the same currency – according to the definition contained in the TO on Determination of Micro, Small or Medium Enterprise Status – considering that classification at the time of granting, according to the following table:

Participation, of SME financings relative to total financings to the non-financial private sector, in the entity. In %	Deduction (on total concepts included in pesos). In %
Less than 4	0.00
Between 4 and less than 6	0.50
Between 6 and less than 8	0.63
Between 8 and less than 10	0.75
Between 10 and less than 12	0.88
Between 12 and less than 14	1.00
Between 14 and less than 16	1.13
Between 16 and less than 18	1.25
Between 18 and less than 20	1.38
Between 20 and less than 22	1.50
Between 22 and less than 24	1.63
Between 24 and less than 26	1.75
26 or more	1.88

SME financings include those instrumented through the purchase of Electronic Credit Invoices for SMEs accepted by enterprises, as well as the holding of fund units subject to the “Special Regime for the Constitution of SME Common Investment Funds”. For computing SME financings, to determine the participation percentage, compliance with that condition at the time of granting assistance shall be considered, counting all valid financiations. If the borrower ceases to meet SME conditions, the financations shall be computed...