Circular Foreign Exchange Operations and Movement of Funds and Securities with the Exterior - CAMEX 1 - 6

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 38 22/06/81
TO FINANCIAL ENTITIES, EXCHANGE HOUSES, AGENCIES, EXCHANGE OFFICES AND EXCHANGE BROKERS:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE EXTERIOR - CAMEX - 1 - 6

We address you to bring to your knowledge that, in accordance with the policy guidelines established by the economic authorities, it has been resolved to establish the following rules, which will govern from this date:

1) Financial Exchange Market
Financial transfers and other fund movements from and to the exterior shall be processed through the financial exchange market at the exchange rates agreed upon between buyers and sellers.

Operations must correspond to genuine transactions and be carried out through entities authorized to operate in exchange, in compliance with the general nature norms communicated by Circular CAMEX - 1 and complementary regulations.

2) Commercial Exchange Market
Collections and payments corresponding to the FOB value, port of shipment, of Argentine exports and imports shall be processed through the commercial exchange market, whose exchange rates will be fixed daily by the Central Bank.

The balance resulting from operations processed through this market must be ceded or requested, daily, upon the close of transactions, to this Bank.

10% of the FOB value of promoted exports - annex list Circular R.C. 704 - R.F. 98 of 23.9.77 and complementary regulations - whose shipping permits are officialized from this date, shall be negotiated through the financial exchange market.

3) Previous Financial Loans
Financial loans entered and negotiated in the exchange market until June 19, 1981, inclusive, registered with the Central Bank in due time and form, may be repaid upon maturity - by way of exception - through the commercial exchange market, in compliance with the general nature provisions currently in force.

4) Exchange Position
Entities authorized to operate in exchange shall cede to the Central Bank their general net position upon the close of operations on June 19, 1981, at the exchange rate of $ 4,425 per dollar, within the terms, manner, and other conditions established.

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Antonio E. Conde
Manager of
Foreign and Exchange
Evaristo H. Evangelista
Deputy General Manager