BCRA Circular LISOL 1-1117: Net Foreign Currency Position Update

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION “A” 8316 03/09/2025 TO FINANCIAL ENTITIES:
Ref.: Circular LISOL 1-1117: Net Foreign Currency Position. Update.
___________________________________________________________________________ We address you to deliver the attached sheets, which in replacement of those duly provided, must be incorporated into the Ordered Regulatory Text on Net Foreign Currency Position based on provisions issued by Communications A 8302 –point 2.– and 8311 –point 3.–. It is recalled that on this Institution’s website www.bcra.gob.ar, by navigating to “Financial System – LEGAL AND REGULATORY FRAMEWORK – Organization and summaries – Ordered Regulatory Texts”, you will find the modifications made with text highlighted in special characters (strikethrough and bold). We remain, respectfully yours. CENTRAL BANK OF THE ARGENTINE REPUBLIC María N. Prieto Mazzucco Darío C. Stefanelli Deputy General Manager of Monetary Regulations and Active Operations Main Manager of Issuance and Regulatory Applications
ANNEX

2.1. Negative net foreign currency position.
This position –calculated as the monthly average of daily balances converted to pesos at the reference exchange rate closing on the month prior to the computation month– shall not exceed 30% of the RPC for the month prior to that applicable.
2.2. Positive net foreign currency position.
2.2.1. Net global position.
This daily position –daily balance converted to pesos at the reference exchange rate closing on the month prior to the computation month– shall not exceed 5% of the RPC for the month prior to that applicable. Any variation in this position arising from swap operations mandated by the National Executive Power may only be covered with one of the applications provided in Section 2. of the TO on Credit Policy or with forward foreign currency operations payable in pesos.
2.2.2. Cash position.
It comprises the net global foreign currency position defined in Section 1. less:
a) the net position in forward, cash-to-settle, futures, options, and other derivative instruments. When dealing with foreign exchange operations, only those with an original term greater than 1 business day shall be considered; b) the net position of instruments linked to the evolution of the foreign currency value (except those allocated in item d); c) the positive difference between cash balances and the shortfall in foreign currency resource application –as provided in point 1.8. of the TO on Minimum Cash– measured as a daily average accumulated up to the computation day of the cash position; provided that cash does not exceed 10% of foreign currency deposits measured on the preceding business day; d) export pre-financing whose foreign currency funding, for that same amount, is allocated to liabilities linked to the evolution of the foreign currency value; and e) the balance of guarantees established by debit, purchase, and credit card operations abroad up to an amount equivalent to five calendar days of consumption. This daily position –daily balance converted to pesos at the reference exchange rate closing on the month prior to the computation month– shall not exceed 0% of the RPC for the month prior to that applicable. Additionally, this position shall not increase on the last business day of the month compared to the balance recorded on the preceding day. B.C.R.A. NET FOREIGN CURRENCY POSITION
Section 2. Scope.
Version: 24th COMMUNICATION “A” 8316 Effective: 29/08/2025 Page 1

3.1. Charges.
Excesses in these positions shall be subject to a charge equivalent to 3 times the Argentina Interbank Rate (TAMAR) for all banks.
To determine the charge, the rate reported by this Institution corresponding to the last business day of the reporting period, or its absence, the latest available rate, shall be applied –to the excess amount in pesos–. When concurrent excesses in the net global position and the cash position provided for in point 2.2. are verified, the greater resulting charge shall be paid. Charges not paid in a timely and proper manner shall be subject, during the non-compliance period, to an interest equivalent to the rate resulting from adding 50% to the rate applicable to excesses in these positions.
3.2. Sanctions.
Without prejudice to the application of point 3.1., the provisions of Article 41 and related articles of the Financial Entities Law shall apply.
B.C.R.A. NET FOREIGN CURRENCY POSITION
Section 3. Non-Compliance.
Version: 9th COMMUNICATION “A” 8316 Effective: 15/08/2025 Page 1

Section	Point	Paragraph	Comm.	Annex	Section	Point	Paragraph
1.	1.1.	“A” 3889	1. According to Comm. “A” 4135, 4140, 4150, 4577, 6396, 6663, 6776 and 7786.
	1.2.	“A” 4350	2. According to Comm. “A” 5834, 5847, 5851 and 7029.
	1.2.1.	“A” 4350	2.
	1.2.2.	“A” 5847	1. According to Comm. “A” 5851.
	1.2.3.	“A” 7545	1.
	1.2.4.	“A” 7556	5. According to Comm. “A” 7571.
	1.2.5.	“A” 7556	5.
	1.2.6.	“A” 7556	5.
2.	2.1.	“A” 3889	1. According to Comm. “A” 4577, 4598, 5834, 5851, 6128, 6233 and 6507.
	2.2.	“A” 3889	1. According to Comm. “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, 8154 and 8311. Includes regulatory clarification.
3.	3.1.	“A” 3889	1. According to Comm. “A” 4350, 5356, 5550, 6091, 6638, 6754, 6759, 7939, 8264 and 8302.
	3.2.	“A” 5550	2.
4.	4.1.	“A” 6526	7. According to Comm. “A” 6699, 6735, 7093 and 8276.
	4.2.	“A” 6846	4. According to Comm. “A” 7029 and 7036.
	4.3.	“A” 8235

B.C.R.A. ORIGIN OF PROVISIONS CONTAINED IN THE ORDERED REGULATORY TEXT ON NET FOREIGN CURRENCY POSITION