The Central Bank of the Argentine Republic (BCRA) approved a new methodology for calculating the Reference Exchange Rate (TCR), governed by Communication A 3500, which will enter into force on January 1, 2026. This update improves transparency and representativeness and helps market players to operate on a more equal footing.
The development of this new methodology was carried out considering the opinions of the different market sectors collected in the public consultation launched by the BCRA on November 5, 2025.
This significant change promotes a more equitable financial environment, by replacing the previous scheme based on quote surveys with a methodology that is based on concrete and volume-weighted operations. This new way of calculating the TCR contributes to the transparency and representativeness of the indicator, strengthening the robustness of the data used by financial institutions and domestic and international forward markets.
With this measure, the BCRA aligns itself with international standards adopted by other central banks, promoting greater modernization and objectivity in the calculation of the TCR, for the benefit of all market participants.
