The Central Bank of Argentina (BCRA) announced on Thursday, August 13, 2026 a series of changes to the regulatory framework governing foreign currency lending by financial institutions. This measure, aligned with the recent modification of Article 23 of Decree 905/02 by the national executive branch, seeks to expand the permitted uses of dollar deposits and thereby increase financing available for private investment.
According to the BCRA's official statement, channeling domestic savings in foreign currency through the banking system will broaden credit supply, boost economic activity, productivity, and employment, and reduce dependence on external financing. In bimonetary economies like Argentina's, deeper financial intermediation helps reduce the imbalance between domestic savings and private investment.
What exactly changes?
The new regulation establishes that loans funded by foreign currency deposits granted to clients not covered by previously allowed purposes cannot exceed, in aggregate, 15% of each institution's foreign currency deposits. In other words, a new segment of dollar credit is enabled, but with a prudential cap.
Additionally, these loans will be subject to a more stringent prudential treatment, with three main pillars:
- Minimum capital requirement: equivalent to 125% of the requirement for other comparable loans.
- Credit exposure limits: these loans will count as 1.25 times the exposure they would have without this specific treatment.
- Repayment capacity assessment: institutions must evaluate borrowers' repayment ability under different exchange rate fluctuation scenarios.
Goal: sustainable credit and lower risk
The BCRA explained that these measures aim to strengthen coverage of risks assumed by financial institutions and set more restrictive exposure limits for loans under the new regime. This ensures that credit expansion occurs sustainably, safeguarding the solvency and liquidity of the financial system and limiting risks associated with potential currency mismatches for borrowers.
The decision comes amid government efforts to encourage private investment and reduce reliance on external financing. According to the BCRA, in bimonetary economies, deeper financial intermediation helps reduce the gap between domestic savings and private investment—a point detailed in the Monetary Policy Report of June 2026 (Box 3, page 38).
Reactions and outlook
While the measure was officially announced, no reactions from banks or private analysts have been reported yet. Financial institutions are expected to adjust their lending policies in the coming days to comply with the new rules. The BCRA stated it will continue promoting a solid and deep financial system, capable of channeling savings into credit and contributing to economic development.
For more details, see the official BCRA announcement: BCRA Comunicado.