Rule · BCRA · 15 Jan 2026 · A 8386
The Central Bank of the Argentine Republic waives credit risk fragmentation observations for financial institutions acquiring up to $140 billion pesos in Province of Chaco Treasury Letters under the 2026 Letter Issuance Program. Participating institutions must comply with Provincial Laws 4.194-F and 1.092-A and the conditions set by the National Secretariat of Finance, while adhering to existing credit risk fragmentation rules. Furthermore, financial institutions are prohibited from applying their foreign currency deposit lending capacity to subscribe to these dollar-linked Treasury Letters.
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COMMUNICATION “A” 8386 15/01/2026
TO FINANCIAL INSTITUTIONS:
Ref.: Circular
LISOL 1-1130,
OPRAC 1-1301:
Financing for the Non-Financial Public Sector.
2026 Letter Issuance Program of the Province of Chaco.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution which, in its pertinent part, provides:
“- No observations shall be made, within the framework of the restriction contained in point 2.1 of the consolidated text on Financing for the Non-Financial Public Sector, regarding financial institutions' ability to acquire Treasury Letters to be issued by the Province of Chaco up to the amount of $140,000,000,000 (one hundred forty billion pesos), within the framework of the 2026 Letter Issuance Program –as provided for in Provincial Laws 4.194-F and 1.092-A– and in accordance with the conditions established in note NO-2026-01814386-APN-SH#MEC of the Secretariat of Finance of the Ministry of Economy of the Nation, without prejudice to the compliance by the participating financial institutions with the provisions on credit risk fragmentation set forth in that regulatory framework. Participating financial institutions may not apply their foreign currency deposit lending capacity to the subscription of said dollar-linked Treasury Letters, in accordance with Section 2 of the consolidated text on Credit Policy.” We extend our respectful regards. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Marina Ongaro Chief Manager of Issuance and Regulatory Applications Deputy General Manager of Financial Regulation
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