Regulatory Alerts2025-07-10 | A 8276BCRA Circular LISOL 1-1112: Net Foreign Currency Position Adjustments
The Central Bank of the Argentine Republic (BCRA) issued Communication "A" 8276 to amend the Net Foreign Currency Position (NFCP) framework by permitting financial entities to allocate peso-denominated financings with US dollar-linked variable remuneration toward the expanded positive NFCP limit. The regulation allows this positive position to reach up to 30% of Regulatory Capital (RPC) when the excess originates exclusively from National Treasury Bills or specific credit policy financings granted after July 10, 2025. Furthermore, it excludes designated peso loan contracts and BOPREAL subscription positions from the NFCP calculation to align regulatory capital requirements with current market operations.
"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8276 10/07/2025 TO FINANCIAL ENTITIES: Ref.: Circular LISOL 1-1112: Net Foreign Currency Position. Adjustments.
We address you to inform you that this Institution has adopted the resolution which, in its pertinent part, establishes:
"- Provide that financial entities may allocate to the expansion of the limit on the positive net foreign currency position set forth in point 4.1. of the consolidated text on Net Foreign Currency Position, peso-denominated financings with variable remuneration based on fluctuations in the US dollar exchange rate, whose purpose is not included in point 2.1. of the consolidated text on Credit Policy and that are granted from the date of this communication."
In this regard, we forward you the pages that, replacing those previously provided, should be incorporated into the referenced consolidated text. To this end, it is recalled that on this Institution's website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Regulations and summaries - Consolidated texts of general regulations”, the modifications made will be found with text highlighted in special characters (strikethrough and bold).
We remain, respectfully yours. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Darío C. Stefanelli Marina Ongaro Gerente Principal de Emisión y Aplicaciones Normativas Subgerenta General de Regulación Financiera
ANEXO
4.1. Admit that the positive NFCP may reach up to 30% of the RPC, provided that the total excess relative to the general limit arises solely as a result of: 4.1.1. National Treasury Bills, from 06/18/2018, due to: a) increase in the position of National Treasury Bills in US dollars relative to those held as of 06/15/2018; and/or b) position in National Treasury Bills in US dollars as of 06/15/2018 maintained as an admitted excess to the limit in effect at that date; and/or c) increase in the position of Treasury Bills linked to the US dollar relative to those held as of 05/13/2019. This includes foreign currency public securities that entities receive in exchange for National Treasury Bills –under Law 27.556– which are allocated to this point on the business day immediately preceding the day they are delivered in exchange. 4.1.2. Peso-denominated financings with variable remuneration based on fluctuations in the US dollar exchange rate, whose purpose is not included in point 2.1. of the NFCP Consolidated Text on Credit Policy, granted from 07/10/2025. 4.2. Exclude from the determination of the NFCP peso-denominated loan contracts with variable remuneration based on fluctuations in the US dollar exchange rate (Section 8. of the NFCP Consolidated Text on Credit Policy), agreed until 05/27/2020, that are not covered by term investments with variable remuneration based on the US dollar (point 2.5.6.6. of the NFCP Consolidated Text on Term Deposits and Investments). 4.3. The eventual foreign currency position that financial entities may hold –within the framework of what is established in point 7.4. of the NFCP Consolidated Text on Distribution of Results– from the BOPREAL subscription operation until accreditation to non-resident shareholders will be excluded from the calculation of their NFCP. B.C.R.A. POSICIÓN GLOBAL NETA DE MONEDA EXTRANJERA Sección 4. Disposiciones transitorias. Versión: 18a. COMUNICACIÓN “A” 8276 Vigencia: 10/07/2025 Página 1
| TEXTO ORDENADO | NORMA DE ORIGEN | OBSERVACIONES |
|---|---|---|
| Secc. Punto Párr. | Com. Anexo Sec. Punto Párr. | |
| 1. | ||
| 1.1. “A” 3889 1. | Según Com. “A” 4135, 4140, 4150, 4577, 6396, 6663, 6776 y 7786. | |
| 1.2. “A” 4350 2. | Según Com. “A” 5834, 5847, 5851 y 7029. | |
| 1.2.1. “A” 4350 2. | ||
| 1.2.2. “A” 5847 1. | Según Com. “A” 5851. | |
| 1.2.3. “A” 7545 1. | ||
| 1.2.4. “A” 7556 5. | Según Com. “A” 7571. | |
| 1.2.5. “A” 7556 5. | ||
| 1.2.6. “A” 7556 5. | ||
| 2. | ||
| 2.1. “A” 3889 1. | Según Com. “A” 4577, 4598, 5834, 5851, 6128, 6233 y 6507. | |
| 2.2. “A” 3889 1. | Según Com. “A ” 4350, 4598, 5536, 5611, 5627, 5834, 5851, 5891, 5917, 5935, 5997, 6128, 6233, 6501, 6507, 6526, 6735, 6754, 6759, 6763, 6770, 6774, 6775, 7003, 7022, 7071, 7101, 7405, 7416, 7417, 8025, 8093 y 8154. Incluye aclaración normativa. | |
| 3. | ||
| 3.1. “A” 3889 1. | Según Com. “A” 4350, 5356, 5550, 6091, 6638, 6754, 6759, 7939 y 8264. | |
| 3.2. “A” 5550 2. | ||
| 4. | ||
| 4.1. “A” 6526 7. | Según Com. “A” 6699, 6735, 7093 y 8276. | |
| 4.2. “A” 6846 4. | Según Com. “A” 7029 y 7036. | |
| 4.3. “A” 8235 |
B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON NET FOREIGN CURRENCY POSITION