Circular Passive Operations OPASI 1 40 and Monetary Regulations REMON 1 165 Intermediation in Financial Transactions Among Third Parties Resident in the Country

CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 505 29/06/84
TO FINANCIAL ENTITIES:
Ref.: Circular PASSIVE OPERATIONS - OPASI - 1 - 40, and MONETARY REGULATIONS - REMON - 1 - 165. Intermediation in financial transactions among third parties resident in the country

We address you to inform you that this Institution adopted the following resolution:

“1 - Replace point 2 of the resolution disseminated through Communication “A” 399, with the following text:

“2 - The monthly average of the capitals effectively transacted in that market may not exceed the equivalent of the sum of the amounts resulting from applying the proportions that the Central Bank periodically fixes on the monthly average of deposits and other obligations subject to fractional reserve requirements and on the computable net worth, both corresponding to the month prior to each period. This limit will be reduced by an amount equivalent to 50% of the decrease recorded in the monthly average of the aforementioned deposits with respect to the monthly average of deposits of the immediately preceding month.”

2 - Fix, as of July 1, 1984, at 18% and 2%, respectively, the proportions referred to in the provision contained in the previous point.”

We salute you very respectfully.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Néstor J. Taró
Manager of Standards for Financial
Entities

Pedro Camilo López
General Manager