Circular Active Operations - OPRAC 1 - 280

CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 1606 04/01/90
TO FINANCIAL ENTITIES:
Ref.: Circular ACTIVE OPERATIONS - OPRAC - 1

• 280. Modification of the calculation base of the financial index

We address you to inform you that this Institution has adopted the following resolution:

"1- Replace in Communication "A" 49 - Circular ACTIVE OPERATIONS - OPRAC - 1 - Ch. II - point 3. Adjustment Clause, the text of the following section:

3.1.2. Financial Index
3.1.2.1. This index reflects daily a variation equal to the value of the daily equivalent rate
to the weighted average effective monthly interest rate on common savings deposits, corresponding to the second business day prior to the date of the index, according to the survey this Central Bank conducts daily. The indices for non-business days will be determined by taking for the calculation of the variation, the rate from the last daily survey disseminated.

2- Provide that active and passive operations that provide for clauses of update based on the unregulated passive interest rate index published by the Central Bank (Communication "A" 793 and complementary), will accrue adjustments in accordance with the variation of the financial index (Circular OPRAC - 1 - Chapter II - point 3.).

3- The measures established in points 1 and 2 above are in effect from 6.1.90.

4- Repeal the provisions disseminated by Communication "A" 1599."

We greet you very respectfully.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Juan Carlos Báez Rodolfo Caporalini
Manager of General Manager
Financing and Studies of the Financial System