The Central Bank of the Argentine Republic (BCRA) approved a new methodology for calculating the Reference Exchange Rate (TCR) applicable to the dollar. This modifies Communication A 3500 that has been in force for more than two decades since 2002.
The new formula replaces the previous scheme based on quote surveys with a methodology that It is based on specific operations weighted by volume. the same will enter effective January 1, 2026.
Until now, the calculation depended on surveys carried out by the BCRA at three times of the day. The new method only considers operations arranged on screen and sets a minimum amount of 500,000 dollars (USD) for such transactions. They stay like this excluded both the definitions per quote request (over the counter) like those channeled by brokers.
The objective of the update is to improve transparency and representativeness, as well as to contribute to market actors operating under conditions of greater equality. In this way, it seeks to promote a more equitable financial environment and limit spaces for manipulation.
According to the BCRA, the change in the RER calculation contributes “to the transparency and representativeness of the indicator, strengthening the solidity of the data used by financial entities and domestic and international forward markets.”
The development of this new methodology was carried out considering the opinions of the different market sectors. These were collected in a public consultation launched by the central bank a month ago, on November 5, 2025.
With this measure, the BCRA indicates that it aligns with international standards adopted by other central banks, promoting greater modernization in the calculation of the RER.
Countries such as Chile, Colombia, Peru, Guatemala and Uruguay have already adopted methodologies based on weighted average prices. Instead, compared the central bank in the public consultation that Argentina, Brazil and Mexico continued to use quote order systems.
The decision adds to the measures of Argentine organizations, reported by CriptoNoticias, that seek to modernize regulations in different spheres of the markets.