Board Resolution No. 011/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 11/2026

SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVE THE GRANTING OF AN EXTRAORDINARY CREDIT TO THE MINISTRY OF ECONOMY AND PUBLIC FINANCES UNDER LAW NO. 1705 – 2026 MANAGEMENT.

VIEWED:

The Political Constitution of the State (CPE) of February 7, 2009.

Law No. 1178 of July 20, 1990 on Government Administration and Control and its modifications.

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

Law No. 1705 of December 31, 2025, which approves the General State Budget for the 2026 Management.

The Basic Norms of the Public Credit System (NB-SCP) approved by Supreme Resolution No. 218041 of July 29, 1997.

Ministerial Resolution No. 022 of January 19, 2026, issued by the Ministry of Economy and Public Finance (MEFP).

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

The note MEFP/VTCP/DGCP/UEPS/ No. 061/2026 of January 21, 2026, from the MEFP.

The report BCB-GOM-SOSP-DCE-INF-2026-3 of January 22, 2026 from the Monetary Operations Management (GOM).

The report BCB-GAL-SANO-DLBCI-INF-2026-21 of January 22, 2026 from the Legal Affairs Management (GAL).

*

//2. B.R. No. 11/2026

CONSIDERING:

That the Political Constitution of the State in paragraph I of its article 322 establishes that the Plurinational Legislative Assembly will authorize the contracting of public debt when the capacity to generate income to cover the principal and interest is demonstrated and the most advantageous conditions in rates, terms, amounts, and other circumstances are technically justified.

That Law No. 1178 in its article 11 provides that any internal or external public debt with a term equal to or greater than one year shall be contracted by the highest authority of the State Treasury System, on behalf of the National Treasury or the beneficiary entity that assumes responsibility for the service of the respective debt.

That Law No. 1670 in its article 1 determines 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 44, it provides that the highest authority of the BCB is its Board of Directors. In letters a), j), and q) of its article 54, it indicates as attributions of the BCB Board of Directors to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned to it by Law, as well as to set the interest rate of the credits granted by the BCB, taking into account market rates for similar operations and establishing its other terms and conditions; in addition to those necessary for the fulfillment of its functions.

That the aforementioned Law, in letter e) of its article 59, establishes that it is the attribution of the President of the BCB to exercise the legal representation of the BCB, without prejudice to its powers of delegation according to the Law.

That Law No. 1705 in its final provision first, authorizes the BCB to grant an extraordinary credit on concessional terms in favor of the MEFP, through the General Treasury of the Nation, intended to fully finance the short-term obligations incurred during the 2025 management, within the framework of public debt administration and liability management operations. For this effect, the BCB is exempted from the application of

*

//3. B.R. No. 11/2026

articles 22 and 23 of Law No. 1670 of October 31, 1995. Likewise, within the framework of numeral 10 of paragraph I of article 158 and paragraph I of article 322 of the CPE, the MEFP is authorized, through the General Treasury of the Nation, to incur the referred indebtedness with the BCB.

That the NB-SCP in its article 6, establish as the competence of the MEFP to formulate the national public debt strategy, including the conditions for renegotiation and future administration of internal and external public debt.

That Ministerial Resolution No. 022 of the MEFP in its second provision determines for the extraordinary credit a degree of concessionality of at least thirty (30) percent.

That the Statute of the BCB, in numerals 1) and 3) of its article 5, establishes that the Issuing Entity has normative and technical powers. In numeral 1) of its article 10, it provides that the BCB Board of Directors has the attributions 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 Law. In numerals 4) and 13) of its article 34, it establishes as attributions of the President of the BCB to exercise the legal representation of the BCB and sign the contracts entered into by the Issuing Entity.

That the MEFP through Note MEFP/VTCP/DGCP/UEPS/No.061/2026, under the shelter of what is established in the final provision first of Law No. 1705 of December 31, 2025, of the General State Budget - 2026 Management, requests the granting of an extraordinary credit on concessional terms for an amount of up to Bs33,570,595,416.67 (Thirty-Three Billion Five Hundred Seventy Million Five Hundred Ninety-Five Thousand Four Hundred Sixteen 67/100 Bolivianos) intended to fully finance the short-term obligations incurred during the 2025 management with the BCB, for which said State Portfolio approved Ministerial Resolution No. 022 of January 19, 2026, which provides for the management of liabilities of short-term obligations and the determination of the degree of concessionality of at least thirty (30%) for the referred credit.

CONSIDERING:

*

//4. B.R. No. 11/2026

That the report BCB-GOM-SOSP-DCE-INF-2026-3, concludes that under the shelter of the final provision first of Law No. 1705 of December 31, 2025, the request made by the MEFP for an extraordinary credit for the 2026 management, falls within what is established in the aforementioned norm. The credit operation will be backed by values represented in Non-Negotiable Treasury Bonds, which will be registered by the MEFP in the Securities Market Registry of the ASFI.

That the report BCB-GAL-SANO-DLBCI-INF-2026-21, concludes that the Extraordinary Credit request made by the MEFP through Note MEFP/VTCP/DGCP/UEPS/No. 061/2026, is subject to compliance with what is established in the final provision first of Law No. 1705 of December 31, 2025, of the General State Budget - 2026 Management, Ministerial Resolution No. 022 of January 19, 2026, and letter b) of article 6 of the Basic Norms of Public Credit, approved by Supreme Resolution No. 218041; consequently, the MEFP's request must be submitted to the consideration of the BCB Board of Directors, for the approval of the financial conditions by Express Resolution and to authorize the President of the BCB to sign the respective contract, as provided in letters a) and q) of article 54 of Law No. 1670, numeral 1) of article 10, and numeral 13) of article 34 of the BCB Statute.

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

Article 1.- Within the framework of what is established in the final provision first of Law No. 1705 of the General State Budget - GSB 2026, approve the granting of an Extraordinary Credit in favor of the Ministry of Economy and Public Finance, under the following terms and conditions:

Amount:	Bs31,839,003,472.23
Currency:	Bolivianos.
Term (*):	35 years.
Grace period on principal:	5 years.
Payment frequency:	Semi-annual on principal and interest

*

//5. B.R. No. 11/2026

Interest rate:	4.55% annual.
Disbursement Deadline:	February 2, 2026.
Installment type:	Variable.
Guarantee:	Non-Negotiable Treasury Bonds.

(*) The term is calculated from the first disbursement.

Article 2.- Approve the disbursement schedule of the Extraordinary Credit according to the following detail:

Disbursement Number	Date	Amount
1	02-Feb-2026	Bs31,839,003,472.23
Total		Bs31,839,003,472.23

Article 3.- Authorize the Acting President of the BCB to sign the contract with the Ministry of Economy and Public Finance under the terms of this Resolution.

Article 4.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.

La Paz, January 27, 2026

David Iván Espinoza Torrico
ACTING PRESIDENT

*

//6. B.R. No. 11/2026

Claudia Haydee Pacheco Ayala
ACTING DIRECTOR

Dennise Sussan Martin Alarcón
ACTING DIRECTOR

Walter Fernando Orellana Rocha
ACTING DIRECTOR

Álvaro Alfonso Romero Villavicencio
ACTING DIRECTOR