The Central Bank of the Argentine Republic (BCRA) has approved a new methodology for calculating the Reference Exchange Rate (TCR), as established by Communication A 3500. The change will take effect on January 1, 2026.
According to the BCRA, this update aims to improve transparency and representativeness in the calculation process, allowing market participants to operate under more equal conditions. The development of the new methodology included input from various market sectors gathered during a 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 quotation surveys with a methodology grounded in actual transactions weighted by volume. This new way of calculating the TCR contributes to the transparency and representativeness of the indicator, strengthening the reliability of data used by financial institutions and domestic and international futures markets,” stated the BCRA.
With this measure, the central bank seeks to align itself with international standards adopted by other central banks. The BCRA says that these changes promote modernization and objectivity in determining the reference exchange rate, benefiting all market participants.
