Circular CAMEX 1 - 279

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 1918 I 27/12/91 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
CAMEX 1 - 279.
We address you to inform you that this Institution has resolved to replace, effective April 1, 1991, the monetary correction clauses applicable to foreign exchange insurance contracts regulated by Communications "A" 31, "A" 137, and complementary ones.

In this regard, please take into account that:

1. The options chosen as referred to in Communication "A" 229, point 3, will determine the exchange rate corresponding to March 31, 1991.
   From April 1, 1991, until April 30, 1991, the common savings account interest rate, corrected by the minimum cash requirement, capitalized during that period, and to whose result a charge of one percent (1%) nominal monthly is added, will apply. From May 1, 1991, calculations will be based on the statistical series resulting from the weighted average of the interest rates for common and fixed-term savings accounts in australes, corrected by the respective minimum cash requirements, increased by ninety percent (0.90%) monthly (Communication "A" 1845 - Annex, point 4).

2. In total or partial cancellations of foreign exchange insurance contracts already matured in which the corresponding payment in australes occurred, the common savings account interest rate will apply, effective April 1, 1991, and in substitution of the adjustment clauses.

3. Foreign exchange insurance contracts settled provisionally from April 1, 1991, must be re-settled by the authorized entities involved within a period of 10 business days counted from the present.

We greet you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Raul O. Planes Eduardo G. Castro
Open Market Manager General Submanager