The Central Bank of the Republic of Argentina announced that starting January 1, 2026, it will apply a new methodology to calculate the Reference Exchange Rate. This update aims to improve the transparency and representativeness of the indicator, based on actual operations rather than quotes. The change was approved following a public consultation launched in November 2025.
The Central Bank of the Republic of Argentina (BCRA) reported that starting January 1, 2026, it will implement a new way to measure the Reference Exchange Rate (TCR), governed by Communication A 3500. Previously, the calculation was based on quotes requested from financial entities at three times during the day. Now, the US dollar value will come from the weighted average of operations agreed upon by entities in A3 Mercados, considering only screen-based transactions from a minimum amount of US$500,000. Over-the-counter quote requests and operations channeled through brokers are excluded.
"This update improves transparency and representativeness and contributes to market actors operating under greater equality conditions," stated the BCRA. The new method "promotes a more equitable financial environment by replacing the previous scheme based on quote surveys with a methodology grounded in concrete operations weighted by volume."
The decision was made after a public consultation started on November 5, 2025, where opinions from various market sectors were gathered. A comparative analysis showed that countries like Chile, Colombia, Peru, Guatemala, and Uruguay already use methodologies based on weighted average prices, while Argentina, Brazil, and Mexico continue with quote request systems. "This difference reinforces the opportunity to review the current approach and advance toward a more modern, objective methodology aligned with international standards."
In the broader economic context, consultancies in the BCRA's Market Expectations Survey (REM) project the official dollar at $1,473 in December 2025, according to the general average, and $1,481 per the Top 10 analysts. For inflation, they estimate 2.3% in November and 2.1% in December, with a year-end close of 30.4%.
