21 Feb 25 The BCRA eases conditions for granting foreign currency loans

By Agustín L. Cerolini, Martín Chindamo and Tomás Mingrone.

By means of Communication “A” 8202 (hereinafter, the “Communication”), the Argentine Central Bank (hereinafter, the “BCRA” for its acronyms in Spanish) repeals point 1.4 of the «Credit Policy» rules, which referred to foreign currency financing granted by financial institutions.

The Communication eliminates the restriction set forth in the aforementioned consolidated text that prevented entities from granting loans in foreign currency—when those funds had been previously obtained through financing—to any type of client, regardless of whether they are a genuine generator of foreign currencies.

As a result, as long as financial institutions secure the funds to be loaned through financing obtained from the financial or capital markets, they will have greater flexibility to allocate their loans to a broader range of clients and purposes.

However, in accordance with point 2.1 of the previously mentioned rules and Section 23 of Decree No. 905/2002, the restriction remains in effect stipulating that entities shall only grant foreign currency loans using funds deposited by their clients exclusively to companies within the export chain.