Regulatory Alerts2025-07-03 | A 8267Circular LISOL 1-1108 OPRAC 1-1288: Financing for the Non-Financial Public Sector. 2025 Financing Program – PF25 of the Province of Neuquén
The Central Bank of the Argentine Republic issued Communication “A” 8267 to authorize financial entities to acquire up to $240 billion pesos (or USD equivalent) of Neuquén Province Treasury Notes under the 2025 Financing Program (PF25) without triggering objections to existing non-financial public sector financing limits. This exemption applies in accordance with Provincial Law 3,481 and Ministry of Economy note NO-2025-68125302-APN-SH#MEC, while mandating that participating entities continue to observe credit risk fragmentation rules. Additionally, the communication explicitly restricts applying foreign currency deposit lending capacity to these hard-dollar Treasury Notes subscriptions, per Section 2 of the consolidated Credit Policy text.
. “Year of the Reconstruction of the Argentine Nation” “Year of the Reconstruction of the Argentine Nation” . COMMUNICATION “A” 8267 03/07/2025 TO FINANCIAL ENTITIES: Ref.: Circular LISOL 1-1108, OPRAC 1-1288: Financing for the Non-Financial Public Sector. 2025 Financing Program – PF25 of the Province of Neuquén.
We write to inform you that this Institution has adopted the resolution which, in its relevant part, provides: “- To not raise objections, within the framework of the restriction contained in point 2.1 of the consolidated text on Financing for the Non-Financial Public Sector, to financial entities acquiring Treasury Notes to be issued by the Province of Neuquén up to a nominal value of $240,000,000,000 (two hundred forty billion pesos) –or its equivalent in United States dollars at the time of issuance– within the framework of the “2025 Financing Program - PF25”, in accordance with what is provided for in Provincial Law 3,481 and according to the conditions established in note NO-2025-68125302-APN-SH#MEC of the Treasury Secretariat of the Ministry of Economy of the Nation, without prejudice to the compliance by participating financial entities with the provisions on credit risk fragmentation provided in that regulation. Participating financial entities may not apply their lending capacity from foreign currency deposits to the subscription of the aforementioned hard-dollar Treasury Notes, in accordance with what is provided for in Section 2. of the consolidated text on Credit Policy.” Sincerely, CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Marina Ongaro Chief Manager of Emissions and Regulatory Applications Deputy General Manager of Financial Regulation