BCRA Circular LISOL 1-1122: Net Foreign Currency Position Update.

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION “A” 8357 28/11/2025 TO FINANCIAL ENTITIES:
Ref.: Circular LISOL 1-1122: Net Foreign Currency Position. Update.
___________________________________________________________________________ We address you to provide the attached sheets, which replace those previously provided and must be incorporated into the consolidated text on Net Foreign Currency Position based on provisions issued by Communications A 8311 –points 1. and 2.– and 8325. Please note that on this Institution’s website www.bcra.gob.ar, under “Financial System – LEGAL AND REGULATORY FRAMEWORK – Consolidation and summaries – Consolidated general regulatory texts”, you will find the implemented modifications with text highlighted in special characters (strikethrough and bold). We remain, yours sincerely. CENTRAL BANK OF THE ARGENTINE REPUBLIC Pablo D. Montero Darío C. Stefanelli Manager of Emission and Standards / to Chief Manager of Emission and Regulatory Applications
ANNEX

-Index
Section 1. Determination.
1.1. Included concepts.
1.2. Exclusions.
Section 2. Scope.
2.1. Negative net foreign currency position.
2.2. Positive net foreign currency position.
2.3. Foreign currency spot position.
Section 3. Non-compliance.
3.1. Charge/Fee.
3.2. Sanctions.
Section 4. Transitional provisions.
Correlation table

B.C.R.A. CONSOLIDATED TEXT ON NET FOREIGN CURRENCY POSITION Version: 5th COMMUNICATION “A” 8357 Effective: 01/12/2025 Page 1

2.1. Negative net foreign currency position.
This daily position –daily balance converted to pesos at the reference exchange rate of the close of the month prior to the computation month– shall not exceed 30% of the RPC for the month prior to the applicable one.
2.2. Positive net foreign currency position.
This daily position –daily balance converted to pesos at the reference exchange rate of the close of the month prior to the computation month– shall not exceed 5% of the RPC for the month prior to the applicable one. 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 CT on Credit Policy or with foreign currency forward transactions payable in pesos.
2.3. Foreign currency spot position.
This daily position comprises the net foreign currency position defined in Section 1. minus:
a) the net position in forward, spot-to-be-settled, futures, options, and other derivative transactions. When dealing with exchange operations, only those with an original term longer than 1 business day shall be considered; b) the net position of instruments linked to the evolution of the foreign currency value (except those attributed 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 CT on Minimum Cash– measured as a daily average balance accumulated up to the computation day of the spot 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 attributed to liabilities linked to the evolution of 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. At the entity's option, balances from foreign financing received with an original average life of at least 12 months may be excluded from this spot position. This daily position –daily balance converted to pesos at the reference exchange rate of the close of the month prior to the computation month– shall not fall outside the range between minus 30% and 0% of the RPC for the month prior to the applicable one. Furthermore, this position shall not increase on the last business day of the month relative to the balance recorded on the preceding day. B.C.R.A. NET FOREIGN CURRENCY POSITION
Section 2. Scope.
Version: 25th COMMUNICATION “A” 8357 Effective: 01/12/2025 Page 1

3.1. Charges/Fees.
Excesses in these positions shall be subject to a charge equivalent to 3 times the total Argentine Wholesale Rate (TAMAR) for banks.
To determine the charge, the rate reported by this Institution corresponding to the last business day of the reporting period (or, if unavailable, the latest available) shall be applied –on the excess amount in pesos. When excesses in both the net position and the spot position provided in Section 2. occur concurrently, the higher resulting charge shall be paid. Charges not paid on time and in proper form 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: 10th COMMUNICATION “A” 8357 Effective: 01/12/2025 Page 1

CONSOLIDATED TEXT	ORIGINATING REGULATION	OBSERVATIONS
Sec.	Punto	Párr.	Com. Anexo	Sec.	Punto	Párr.
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, 6507 and 8311.
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, 7003 and 7022. Includes regulatory clarification.
2.3.	“A” 6754	1.	According to Comm. “A” 6759, 6763, 6770, 6774, 6775, 7071, 7101, 7405, 7416, 7417, 8025, 8093, 8154, 8311 and 8325. Includes regulatory clarification.
3.
3.1.	“A” 3889	1.	According to Comm. “A” 4350, 5356, 5550, 6091, 6638, 6754, 6759, 7939, 8264, 8302 and 8357.
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 THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON NET FOREIGN CURRENCY POSITION