Purchase of Securities Settled in Foreign Currency: News

On December 9, 2025, the Argentine Central Bank (BCRA) issued Communication “A” 8361, which establishes two exceptions to the commitment not to enter into purchases of securities settled in foreign currency—whether directly, indirectly, or on a third-party/omnibus basis—from the moment of access to the foreign-exchange market to purchase foreign currency and for the next 90 calendar days.

The exceptions are:

1.    Primary subscriptions of resident debt. Purchases settled in foreign currency made in the context of primary subscriptions of debt securities issued by residents are exempt, if the purchaser holds such securities in portfolio for a minimum of 15 business days. This minimum holding period does not apply when (a) the primary subscription was completed up to December 9, 2025, or (b) the sale of the subscribed securities is settled in foreign currency.

2.    Reinvestment of foreign-currency servicing proceeds. Purchases arising from the reinvestment of receipts in foreign currency corresponding to principal and/or interest servicing on securities issued by the Treasury or by the BCRA are likewise exempt, provided that the reinvestment is completed within 15 business days following the date of receipt.