Circular Passive Operations OPASI 1-43, Monetary Regulations REMON 1-176, and Active Operations OPRAC 1-40: Adjustment Clause for Adjustable Deposits and Credits

CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 539 02/10/84
TO FINANCIAL ENTITIES:
Ref.: Circular PASSIVE OPERATIONS - OPASI - 1 - 43, MONETARY REGULATIONS - REMON

• 1 - 176 and ACTIVE OPERATIONS - OPRAC
• 1- 40- Adjustment Clause applicable to adjustable deposits
  and credits
  We address you to inform you that this Institution adopted the following resolution:

"1º - Replace point 3. of the Annex to Communication "A" 231 and the first paragraph of point 3. of
Annex I to Communication "A" 440, related to "Medium-term adjustable non-transferable named fixed-term deposits" and "Combined price index adjustable non-transferable named fixed-term deposits", with the following:

"3. Deposits will be updated by applying a daily combined adjustment index that will be calculated by the Central Bank based on the Consumer Price Indices and Wholesale Prices, General Level, which are published monthly by the National Institute of Statistics and Censuses. The combined variations of these indices from a given month will be applied from the 16th day of the following month and until the 15th day of the subsequent month. The resulting daily adjustment index will be the daily rate equivalent to the monthly variation rate of those indices, weighted equally."

2º - Order that the debt balances of credits that financial entities grant with the earmarking of funds from the special limit disclosed in the terms of Communication "A" 146 and complementary communications, and the facilities granted with charge to the lending capacity emerging from non-transferable named fixed-term deposits according to the regime contained in Annex II to Communication "A" 440, will be updated in accordance with the variations experienced by the daily combined price index calculated in accordance with the methodology indicated in point 1º.

3º - The provisions referred to in this resolution will be applied with respect to operations that financial entities formalize with their clients from October 16,
1984. For those entered into prior to that date, the norms being replaced remain fully in force."

We salute you very respectfully.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Oraldo N. Fernández
Manager of Financing and Studies of the Financial System Carlos Fagioli Deputy General Manager