The central bank made last-minute changes to banks’ global net foreign currency position, a regulation that governs financial firms’ exposure to foreign currencies (the dollar).
“As of December 10, 2025, if a financial company purchases National Treasury securities denominated in foreign currency through primary subscription, the sales that such company makes in the secondary market, which represent a decrease in its PGNME, up to the original maturity of the instrument, can only be offset by the net increase in holdings of other National Treasury securities denominated in foreign currency. Only sales made 90 calendar days after the primary subscription are exempt from this restriction,” the company announced yesterday evening known. Monetary Authority.
In turn, Notice “A” 8361 of the Central Bank of the Argentine Republic changed the regulation of access to the foreign exchange market for customers. “Based on this rule, each time a person or company requests access to the foreign exchange market, the financial institution must ask the customer for an affidavit. Therein, the customer undertakes not to make any purchases of securities settled in foreign currency, either directly or indirectly, or on behalf and on behalf of third parties, from the time of the request and for the following 90 days.”
In addition, the Bank has stipulated that for a period of 15 business days, individuals may reinvest the interest and principal of the public securities in dollars received in January without being affected by the current cross-restriction. Another point of the rule stipulates that public securities purchased in dollars during the initial subscription cannot be sold for pesos for 15 business days. Economy Ministry adviser Felipe Núñez tweeted last night that “those who bought official dollars can use them to subscribe to the main Treasury tenders. And those who collect coupons/receipts from government bonds can reinvest them in the next 15 business days.”
As part of the new debt tender, Economía will offer a bond with a coupon of 6.5% per annum and maturing in 2029. The aim is to raise funds to cover the January payments, which amount to $4.3 billion. This placement is expected to mark the start of a return to the voluntary international credit market under national law. Within this framework, the government has strengthened the incentives with some additional measures so that certain companies have a greater interest in participating in the tender. Luis Caputo said this Tuesday that “the objective is to obtain $1,000 million at an interest rate of less than 9%.”
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