15-01-2026

The Central Bank of the Argentine Republic (Banco Central de la República Argentina, the “BCRA”), through Resolution No. 1/2026, approved the publication of a new statistical series of interest rates in pesos called the Default Interest Rate (Tasa de Intereses Moratorios, the “TIM”).

The purpose of this rate is to provide a new tool for the judicial calculation of default interest on debts denominated in pesos, in accordance with Article 768, subsection (c), of the Argentine Civil and Commercial Code, which provides that, in the absence of what has been agreed by the parties or established by special laws, default interest must be determined pursuant to the regulations issued by the BCRA.

The TIM reflects the effective daily interest rate equivalent to the average of a passive rate and an active rate of the local market, namely: (i) the weighted average nominal annual interest rate, based on amounts, of 30-day fixed-term peso deposits at a fixed rate agreed with financial institutions; and (ii) the weighted average nominal annual interest rate, based on amounts, of the interest rate on loans granted to the non-financial private sector by financial institutions through unsecured promissory notes, and the interest rate on personal loans, both denominated in pesos and at a fixed or renegotiable rate.

The effective daily interest rate may not exceed the daily variation of the Reference Stabilization Coefficient (Coeficiente de Estabilización de Referencia, “CER”) plus 3% effective per annum, nor may it be lower than the daily variation of the CER minus 3% effective per annum.

The BCRA has made available a calculator on its website (https://www.bcra.gob.ar/calculadora-de-tasa-de-intereses-moratorios-tim/), which allows users to estimate the applicable default interest for any amount by indicating the principal amount and the dates of the period under review.