Circular Foreign Exchange Operations and Movement of Funds and Securities with the Abroad - CAMEX 1 - 17

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 110 18/03/82
TO THE FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS WITH THE ABROAD CAMEX - 1 - 17

We address you to bring to your knowledge that it has been decided to modify point 1.2 of Chapter IV of Communication “A” 13 Circular CAMEX - 1 of 2.3.81 in the following manner:

“IV - Responsibility of entities
1.2. Operations between entities
Those carried out between themselves for cash, in no case can have as their purpose or consequence the simple realization of exchange purchases - sales and therefore must respond to transactions with clients or, eventually, to technical needs of their exchange positions.”

As a consequence of what is established, in accordance with the provisions of a general nature in force and those that in particular regulate their operation, the financial entities authorized to operate in exchange may concert with each other forward operations although they do not respond to transactions with clients or to technical position needs.

However, it is considered necessary to highlight that the concertations must have as their exclusive purpose the realization of natural market operations, avoiding the repetition of orders solely to generate the pure benefit of the operators, as this would denature the trends of the forward market and the freedom that is desired to be granted.

If such procedures are observed, this Bank may adopt measures that, without restricting the development of exchange activity, eliminate the factors of distortion.

We salute you very attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Jorge E. Magistrelli
Manager of
Foreign and Exchange
Evaristo H. Evangelista
Deputy General Manager