BOARD

BOARD RESOLUTION NO. 026/2025

SUBJECT: TREASURY MANAGEMENT – APPROVING THE SALE CONDITIONS FOR GOLD AND SILVER COMMEMORATIVE COINS AND MEDALS.

VIEWING:

The Political Constitution of the State of February 7, 2009.
Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
Supreme Decree No. 12731 of July 28, 1975.
The Statute of the Central Bank of Bolivia approved via Board Resolution No. 095/2022 of October 6, 2022.
Board Resolution No. 144/2003 of December 16, 2003 and its modifications.
Board Resolution No. 180/2004 of November 30, 2004.
Board Resolution No. 148/2005 of November 22, 2005.
Board Resolution No. 101/2006 of November 14, 2006.
Board Minutes No. 051/2007 of November 20, 2007 (Point 16).
Board Minutes No. 031/2010 of July 27, 2010 (Point 8).
Board Resolution No. 101/2010 of August 31, 2010.
Board Resolution No. 059/2011 of May 17, 2011.
Board Resolution No. 126/2024 of October 8, 2024.

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The technical report BCB-GTES-SAMM-DAMM-INF-2025-24 of February 21, 2025, issued by the Treasury Management (GTES).
The report BCB-GAL-SANO-DLBCI-INF-2025-59 of February 24, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Article 327 of the Political Constitution of the State determines that the BCB is a public law institution, with legal personality and its own assets, and that, within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.
That Articles 1 and 3 of Law No. 1670 establish that the Issuing Entity is the sole monetary authority of the country, with administrative, technical, and financial competence and specialized regulatory powers; it will formulate policies of general application in monetary, exchange, and payment system matters, for the fulfillment of its object.
That Article 10 of Law No. 1670 states that the BCB will exercise exclusively and inalienably the function of issuing the monetary unit of Bolivia called the "Boliviano," in the form of banknotes and metallic coins.
That Article 12 of Law No. 1670 establishes that the BCB will contract the printing of banknotes and the minting of coins, including those issued for commemorative or numismatic purposes, subject to the general norms of contracting goods and services for the State.
That Article 44 of Law No. 1670 establishes that the highest authority of the BCB is its Board of Directors, responsible for defining its policies, specialized regulations of general application, and internal norms; as well as for establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs.

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That subsection a) of Article 54 of Law No. 1670 determines that the BCB Board of Directors has the attribute to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law.
That Article 1 of Supreme Decree No. 12731 of July 28, 1975, establishes that, commemorating the Sesquicentennial of the Independence of the Republic, the Central Bank of Bolivia will put into circulation silver coins in the denominations of Bs. 100.-, Bs. 250.-, and Bs. 500.-.
That items 1) and 11) of Article 10 of the BCB Statute provide that the BCB Board of Directors has the attribute to approve general decisions and issue norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, as well as to approve the printing, issuance, and destruction of Boliviano banknotes and coins, and those issued for commemorative and numismatic purposes, as well as their denominations, dimensions, designs, and colors, according to Regulations when applicable.
That Paragraph I of Article 24 of said Statute provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or said Statute require qualified majorities.
That Article 26 of the BCB Statute determines that the Board of Directors pronounces itself on matters within its competence via Resolutions. It may also do so via decisions that will be expressly recorded in the Minutes, and that every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to which the subject matter of the Resolution corresponds, and by a report from the Legal Affairs Management. These reports must be sent to the Board of Directors by the General Management with its recommendation.
That Board Resolution No. 144/2003 of December 16, 2003, and its modifications, approves the sale conditions for gold and silver coins and medals.

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That Board Resolution No. 180/2004 of November 30, 2004, increases by 20% the price in Bolivianos of silver commemorative coins and medals.
That Article 1 of Board Resolution No. 148/2005 of November 22, 2005 resolves to maintain the prices of silver commemorative coins and medals, with the exception of the Sesquicentennial coins; among the established prices is the one corresponding to the silver coins of the 450th anniversary of the founding of La Paz, equal to Bs210.- (Two hundred ten 00/100 Bolivianos).
That Board Resolution No. 101/2006 of November 14, 2006, maintains the conditions for the sale of gold commemorative coins and medals and maintains the sale prices of silver commemorative coins and medals with the exception of the Sesquicentennial coins.
Point 16 of Board Minutes No. 051/2007 of November 20, 2007 instructs that the sale prices of the Sesquicentennial coins reduce the profit margin from 30% to 10% effective January 2, 2008.
That Point 8 of Board Minutes No. 031/2010 of July 27, 2010, by which the BCB Board of Directors determined the sale price of the coins of the New Political Constitution of the State at Bs200.- (Two hundred 00/100 Bolivianos).
That Board Resolution No. 101/2010 of August 31, 2010 modifies Article 2 of Board Resolution No. 144/2003.
That Article 2 of Board Resolution No. 059/2011 of May 17, 2011 authorizes the daily fixation of sale prices for gold commemorative coins and medals, according to the formula Price in Bs = Weight of the coin x Gold Quotation x Buy Exchange Rate x 1.15.
That Article 1 of Board Resolution No. 101/2024 of October 8, 2024 maintains the sale conditions for silver commemorative coins and medals with the exception of the Sesquicentennial coins, to which the conditions of

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daily fixation of sale prices according to the formula Price in Bs = Weight of the coin x Silver Quotation x Buy Exchange Rate x 1.15 must be applied.

That in the technical report BCB-GTES-SAMM-DAMM-INF-2025-24, the GTES concludes that the proposal to establish sale conditions for gold and silver commemorative coins and medals through the formulas proposed in its report is technically viable, with the aim of achieving the objective of equating the quotations of gold and silver commemorative pieces to the prevailing market conditions, and that it must enter into force from the date of publication of the respective Board Resolution; therefore, it recommends to the BCB Board of Directors to issue a Resolution in which the sale conditions for gold and silver commemorative coins and medals are determined, additionally recommending that twenty (20) pieces of all silver commemorative coins and medals be allocated to the BCB Numismatic Collection.
That in the report BCB-GAL-SANO-DLBCI-INF-2025-59, the GAL concludes that the GTES proposal via report BCB-GTES-SAMM-DAMM-INF-2025-24 to approve the sale conditions for gold and silver commemorative coins according to the daily price fixation formula does not contravene the current legal framework; therefore, it is legally procedent, being within the competence of the BCB Board of Directors to approve it. It also recommends that from its entry into force, Board Resolutions No. 144/2003 of December 16, 2003, No. 180/2004 of November 30, 2004, No. 148/2005 of November 22, 2005, No. 101/2006 of November 14, 2006, No. 059/2011 of May 17, 2011, No. 126/2024 of October 8, 2024, and Point 8 of Board Minutes No. 031/2010 of July 27, 2010, should be declared null and void. On the other hand, it corresponds for the BCB Board of Directors to determine that twenty (20) pieces of all silver commemorative coins and medals be allocated to the BCB Numismatic Collection.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

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Article 1.- Approve the sale conditions for gold commemorative coins and medals according to the daily price fixation formula detailed below:

Price in Bs = Weight of the coin x Gold Quotation x Buy Exchange Rate x 1.6.

Article 2.- Approve the sale conditions for silver commemorative coins and medals according to the daily price fixation formula detailed below:

Price in Bs = Weight of the coin x Silver Quotation x Buy Exchange Rate x 1.6.

Article 3.- Allocate twenty (20) pieces of all silver commemorative coins and medals to the BCB collection.

Article 4.- From the validity of this Resolution, Board Resolution No. 144/2003 of December 16, 2003, Board Resolution No. 180/2004 of November 30, 2004, Board Resolution No. 148/2005 of November 22, 2005, Board Resolution No. 101/2006 of November 14, 2006, Board Resolution No. 059/2011 of May 17, 2011, Board Resolution No. 126/2024 of October 8, 2024, and Point 8 of Board Minutes No. 031/2010 of July 27, 2010 are declared null and void.

Article 5.- This Resolution will enter into force from its publication.

Article 6.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, February 25, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumercindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.

Board Resolution No. 026/2025