Board Resolution No. 009/2026

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 9/2026

SUBJECT: ECONOMIC POLICY ADVISORY AND FINANCIAL ENTITIES MANAGEMENT – MODIFY THE LEGAL RESERVE REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES.

VIEWED:

Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.

Board Resolution No. 076/2022 of August 26, 2022, which approves the Legal Reserve Regulation for Financial Intermediation Entities and its modifications.

Board Resolution No. 095/2022 of October 6, 2022, which approves the Statute of the BCB.

Report BCB-APEC-SADBC-INF-2026-3 of January 8, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

Report BCB-GAL-SANO-DLBCI-INF-2026-9 of January 8, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its article stipulates that the BCB is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative powers of general application. In its article 3, it determines that the BCB will formulate general application policies in monetary, exchange, and payment system matters to fulfill its object.

That the aforementioned Law, in its article 7, establishes that the BCB may establish legal reserves of mandatory compliance by Banks and financial intermediation entities. Their composition, amount, method of calculation, characteristics, and remuneration shall be established

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by the Bank's Board of Directors, by absolute majority of votes. The control and supervision of the legal reserve shall correspond to the current Authority for the Supervision of the Financial System (ASFI). In its article 37, it determines that the BCB will be the depositary of the liquid reserves intended to cover the legal reserve and attend to the payment system and other operations with the BCB of financial intermediation entities subject to the authorization and control of the ASFI.

That Law No. 1670, in its article 44, stipulates that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized normative rules of general application, and internal rules; as well as establishing administrative, operational, and financial strategies of the Issuing Entity, approving their respective short and medium-term programs. In subsections i) and o) of its article 54, it is established that the Board has the authority to fix and regulate the administration of the legal reserve to which banks and other financial entities must adhere, disposing of measures for its compliance; as well as to approve, modify, and interpret the Statute and Regulations of the BCB by two-thirds of the votes of all its members, without the need for an additional administrative act.

That the Legal Reserve Regulation for Financial Intermediation Entities in its article 1, establishes that its object is to fix and regulate the administration of the legal reserve and the resources resulting from its modification, in order to have instruments of monetary regulation and preservation of the stability of the financial system. In its article 2, it stipulates that all financial intermediation entities, authorized for their operation by the ASFI, are subject to the provisions of this Regulation.

That the Statute of the BCB, in its articles 5 and 6, establishes that the BCB has normative competence and that the norms it issues will be approved by Resolution of its Board of Directors. In numerals 1), 7), and 30) of its article 10, it determines that the Board has the authority to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to establish by absolute majority of votes, legal reserves of mandatory compliance by financial intermediation entities and approve their composition, amount, calculation, characteristics, forms of administration, custody, and remuneration, in accordance with

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Regulation. Likewise, to approve, modify, and interpret the Regulations of the BCB by two-thirds of the votes of all its members.

CONSIDERING:

That through report BCB-APEC-SADBC-INF-2026-3, the APEC and GEF conclude that a reduction in the legal reserve rates on foreign currency titles will strengthen dollar liquidity in the financial system, contributing to the return of foreign currency deposits and the process of consolidation of the exchange market, recommending to the Board the approval of the modification of the Legal Reserve Regulation for Financial Intermediation Entities.

That through report BCB-GAL-SANO-DLBCI-INF-2026-9, the GAL concludes that the proposal to modify article 6 of the Legal Reserve Regulation for Financial Intermediation Entities is legally viable and does not violate the current legal framework.

THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA, RESOLVES:

Article 1.- Modify article 6 (Legal Reserve Rates) of the Legal Reserve Regulation for Financial Intermediation Entities, with the following text:

“Article 6. (Legal Reserve Rates).

The legal reserve rates on the liabilities detailed in Article 4 of this Regulation are as follows:

a) In MN and MNUFV: Cash Five point five percent (5.5%) for cash reserve Titles Three percent (3.0%) for title reserve.

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b) In ME and MVDOL: Cash Ten percent (10%) for cash reserve. Titles: Two point five percent (2.5%) for title reserve for DPFs greater than 720 days; and three point five percent (3.5%) for the rest of liabilities.

The FIEs must constitute the Legal Reserve in Cash, equivalent to a rate of one hundred percent (100%), on the accounts included in “Other Obligations with the public, with companies with state participation and with banks and financing entities”, indicated in article 4 of this Regulation.”

Article 2.- The modifications to the Legal Reserve Regulation for Financial Intermediation Entities will enter into force as of January 27, 2026.

Article 3.- The Presidency and General Management are entrusted with the execution and compliance of this Resolution.

La Paz, January 22, 2026

David Iván Espinoza Torrico PRESIDENT a.i.

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Claudia Haydee Pacheco Ayala DIRECTOR a.i.

Dennise Sussan Martin Alarcón DIRECTOR a.i.

Walter Fernando Orellana Rocha DIRECTOR a.i.

Álvaro Alfonso Romero Villavicencio DIRECTOR a.i.