The Central Bank of the Republic of Argentina (BCRA) has approved a new method for calculating the reference exchange rate (TCR) applicable to the dollar. This amends Communication A 3500, which has been in force for over 20 years since 2002.
The new formula replaces the previous scheme based on pro forma surveys with the following methodology: Based on specific operations weighted by volume. Effective January 1, 2026.
Previously, calculations were based on surveys conducted by BCRA three times a day. The new method only takes into account operations placed on the screen and sets a minimum amount of $500,000 (USD) for such transactions. Therefore, definitions via request for quotation are excluded (over the counter) Similar to that mediated by a broker.
Economist Natalia Motil explained to CriptoNoticias: “This change is based on the fact that the very large trades that take place in the market are now measured by a weighted average of the actual trades.” “Previously done through research, this may include small, informal sector transactions that may not reflect the true value of the RER,” he added.
In this sense, “the increased stability and transparency of dollar-related contracts, operations and quotation calculations will certainly be reflected, allowing for a more favorable business environment,” Motil said.
New dollar calculation aims to be more fair
The purpose of this update is to improve transparency and representation, contributing to market participants operating under more equal conditions. In this way, we seek to promote a fairer financial environment and limit room for maneuver.
Development of this new methodology carried out taking into account the opinions of various market sectors. These were gathered in a public consultation launched by the central bank a month ago, on November 5, 2025.
This measure will demonstrate BCRA’s alignment with international standards adopted by other central banks and facilitate further modernization in RER calculations.
Countries such as Chile, Colombia, Peru, Guatemala and Uruguay have already adopted methods based on weighted average prices. Instead, the central bank compared it in public consultations to Argentina, Brazil and Mexico, which continue to use quote order systems.
The decision further strengthens the Argentine organization’s efforts to modernize regulations in various sectors of the market.