Circular Foreign Exchange Operations and Movement of Funds and Securities with the Abroad - CAMEX 1 - 21

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 129 05/28/82
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD - CAMEX -1 - 21

We address you and, through you, to the interested sectors, to bring to your knowledge that, in accordance with what is established in point 2 of Circular CAMEX - 1 - 13 (Communication "A" 75 of 11/30/81), this Bank has resolved to authorize the renewal of swap operations in the unified exchange market, for the coverage of financial loans in foreign currency from the private sector, arranged in accordance with the aforementioned provisions. To this effect, the following rules shall apply:

1. Scope of the provisions
   These provisions apply to foreign currency loans of free convertibility that companies obtained and negotiated in the unified exchange market by arranging a swap operation as established in Communication "A" 75.

2. Term
   The renewals of the swap operations must be arranged for a term of 180 days, renewable with prior authorization from this Bank.

3. Future rate
   On the spot seller exchange rate at which the renewal operation is formalized, this Bank will apply a fixed rate of 5% monthly.

4. Operational regime
   The authorized intervening entities must settle the original contract with this Bank under the agreed conditions, and simultaneously, sell the foreign currency to the Central Bank at the spot buyer exchange rate of the day of maturity, excluding the amount of interest, if these are settled abroad. Immediately, they must arrange a new forward exchange contract with this Bank for the respective amount, plus the corresponding interest, for a term of 180 days. For the purposes of settlement and new arrangement of the operations, the entities must contact the Foreign Exchange Operations Department - Exchange Clearing - directly, indicating the number of the respective original forward exchange contract. The arrangements must be made in United States dollars and the forward contracts must be settled solely and exclusively at the established maturity.

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5. Information regime
The renewal of the swap operations must be reported to this Institution through simultaneous submission of form 4004 B for the settlement of the contract being renewed and form 4005 F with the new agreed conditions and reported in form 116 A, following the procedure established by Communication "A" 80 - Circular REFEX - 1 - 3 of 12/07/81.

6. Authorized intervening entities
   Only financial entities authorized to operate in exchange in categories "B" and "C" may process these operations.

We greet you very respectfully.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Jorge E. Magistrelli Evaristo H. Evangelista
Manager of Submanager General
Foreign and Exchange