Argentina’s central bank issued a new regulation that further restricts the dollar exposure of commercial lenders as the government seeks to shore up the peso before mid-term elections. Communication “A” 8311, published on 29 August, forbids banks from raising their spot foreign-currency position on the final business day of each month, a change that took effect immediately. From 1 December 2025, banks must also observe their negative net foreign-currency position on a daily, rather than monthly, basis. That short position may not exceed 30% of the institution’s Computable Capital Responsibility for the preceding month. The rule does not alter the existing ceiling on overall net foreign-currency holdings. Officials say the tighter controls are designed to prevent end-of-month maneuvers that can drain central-bank reserves and fuel exchange-rate volatility. The move follows a series of liquidity and reserve-requirement measures adopted since July as President Javier Milei’s administration tries to curb inflation and stabilize the currency.