The Central Bank of Argentina (BCRA) has launched a public consultation on changing the methodology used to calculate the Reference Exchange Rate (Tipo de Cambio de Referencia, TCR), aiming to improve the indicator’s precision, representativeness and transparency by moving from a quote-based survey to a volume-weighted average of executed transactions. Under the proposal, the TCR would be derived from effectively negotiated FX prices weighted by traded volume and supplied by entities with the largest participation in the foreign exchange market. The methodology would also include automated mechanisms to exclude outliers, and the automated calculation is expected to reduce operational errors while improving traceability and auditability. The BCRA expects the revised TCR to provide a more robust input for pricing in financial contracts and for compiling official statistics; the TCR is published daily and is used by financial institutions for accounting information, by derivatives markets for contract settlement, and as a reference in instruments such as USD-linked bond and note issuances. Comments can be submitted through the BCRA’s institutional consultation channel until 14 November 2025.
Central Bank of Argentina 2025-11-05
Central Bank of Argentina opens consultation on replacing the Reference Exchange Rate quote survey with volume-weighted transaction pricing
The Central Bank of Argentina has initiated a public consultation to revise the methodology for calculating the Reference Exchange Rate (TCR), transitioning to a volume-weighted average of executed transactions. The proposed changes aim to enhance precision, representativeness, and transparency, with automated mechanisms to exclude outliers and reduce operational errors. The revised TCR is expected to improve pricing inputs for financial contracts and official statistics.