The Central Bank of Argentina has approved a new methodology for calculating the Reference Exchange Rate (Tipo de Cambio de Referencia, TCR) under Communication A 3500, shifting from a survey-based scheme to a model based on executed transactions weighted by volume. The methodology was approved by the central bank’s board and was developed with input from key market participants, incorporating feedback gathered through a public consultation launched on 5 November 2025. The central bank expects the change to improve the transparency and representativeness of the indicator used by financial institutions and by domestic and international derivatives markets. The new calculation method enters into force on 1 January 2026.
Central Bank of Argentina 2025-12-04
Central Bank of Argentina adopts transaction-based, volume-weighted methodology for the Reference Exchange Rate effective 1 January 2026
The Central Bank of Argentina has approved a new methodology for calculating the Reference Exchange Rate (TCR) under Communication A 3500, transitioning from a survey-based scheme to a model based on executed transactions weighted by volume. Developed with market participant input, the change aims to enhance transparency and representativeness for financial institutions and derivatives markets.