BOARD OF DIRECTORS

BOARD RESOLUTION NO. 020/2025

SUBJECT: TREASURY MANAGEMENT – AUTHORIZE THE MONETIZATION OF MONETARY MATERIAL FROM THE Bs20 CUT.

VIEWED:

• The Political Constitution of the State of February 7, 2009.
• Law No. 901 of November 28, 1986, Creating a New Monetary Unit.
• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
• Board Resolution No. 094/2018 of July 24, 2018, and its modifications, which approves the Regulation on Monetization, Distribution, Destruction of Monetary Material, and Destruction of Counterfeit Material.
• Board Resolution No. 067/2023 of May 2, 2023, which approves the Regulation on Exchange and Fractioning of the Central Bank of Bolivia.
• The Statute of the BCB, approved via Board Resolution No. 095/2022 of October 6, 2022.
• The technical report BCB-GTES-SAMM-DAMM-INF-2025-19 of February 14, 2025, issued by the Treasury Management (GTES).
• The legal report BCB-GAL-SANO-DLBCI-INF-2025-43 of February 17, 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. 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.

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That numeral 4 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is an attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, to authorize the issuance of currency.

That Articles 1 and 3 of Law No. 901 establish the creation of the Boliviano as a new unit of the monetary system of the Plurinational State of Bolivia, through banknotes and coins that the BCB will issue and circulate with the quality of legal and mandatory tender, with the BCB being the sole issuer of banknotes and coins.

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 provides that the BCB will exercise exclusively and non-delegably the function of issuing the monetary unit of Bolivia called the "Boliviano," in the form of banknotes and metallic coins.

That Article 11 of Law No. 1670 provides that the banknotes and coins issued by the BCB are means of payment with legal tender throughout the territory of the Plurinational State of Bolivia, with unlimited liberatory power.

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 rules; as well as for establishing administrative, operational, and financial strategies of the BCB.

That subsections a) and m) of Article 54 of Law No. 1670 determine that the BCB Board of Directors has the attribution 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, and to authorize and supervise the printing, issuance, and destruction of banknotes and the minting and withdrawal of coins, within the norms of the aforementioned Law.

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That Article 2 of the Regulation on monetization, distribution, destruction of monetary material, and destruction of counterfeit material, defines monetization as a privative function of the BCB as the sole issuer of the Boliviano, through which nominal value is granted to Boliviano banknotes and coins for their circulation.

That Article 3 of the aforementioned Regulation determines that the BCB Board of Directors, via express Resolution, will authorize the monetization of monetary material based on reports from GTES and GAL, in accordance with the issuance or storage requirements determined by GTES.

That Articles 4 and 5 of the aforementioned Regulation determine that the monetization authorization will consist of an Act and Verification Sheet signed by a Director designated by the BCB Board of Directors, the General Manager, the Treasury Manager, and the Deputy Manager of Monetary Material Operations; and that GTES will register the monetization of banknotes and coins, accounting for the transfer of the nominal value of each denomination from the "Monetary Material in Warehouses" account to the "Central Vault" account.

That the Regulation on Exchange and Fractioning of Monetary Material of the BCB aims to regulate the exchange and fractioning operations of Boliviano banknotes and/or coins that must be carried out by all Financial Intermediation Entities (EIF) supervised by the Financial System Supervision Authority (ASFI).

That numerals 1) and 2) of Article 5 of the BCB Statute establish the regulatory and administrative competence of the Issuing Entity to issue specialized norms in the fields assigned to it by the Law and to establish its own ordering, organization, and functions, in concordance with the specialized nature of the institution and within the framework of national legislation.

That numerals 1) and 11) of Article 10 of the BCB Statute provide that the BCB Board of Directors has the attribution 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

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denominations, dimensions, designs, and colors, according to Regulations when applicable.

That Paragraph I of Article 24 of the aforementioned Statute provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of the members present at the meeting, except in cases where Law No. 1670 or the Statute require qualified majorities.

That Article 26 of the BCB Statute states 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 an Act. 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 GAL. These reports must be sent to the Board of Directors by the General Management with its recommendation.

That in report BCB-GTES-SAMM-DAMM-INF-2025-19, GTES concludes that, with the purpose of satisfying the demand for banknotes from EIFs, it is necessary to respond to the population's fractioning needs and, in general, attend to issuance requirements, in conformity with current regulations; it is technically viable to proceed with the monetization of banknotes from the Bs20 cut. For this effect, the monetary material to be used will correspond to the banknote pieces from the NFB provided under Contract SANO-DLABS No. 201/2023 and Modification Contract SANO-DLABS No. 26/2024 signed with the company OBERTHUR FIDUCIAIRE SAS, belonging to the fifth Shipment, amounting to 23.85 million pieces of the Bs20 cut (Bs477 million); recommending to the BCB Board of Directors to authorize their monetization.

That report BCB-GAL-SANO-DLBCI-INF-2025-43 concludes that, the request of GTES through technical report BCB-GTES-SAMM-DAMM-INF-2025-19, regarding the monetization of 23.85 million pieces of the Bs20 cut (Bs447 million), is legally appropriate by virtue of the legal provisions contained in the Political Constitution of the State, Articles 1 and 3 of Law No. 901, Law No. 1670, and the BCB Statute; recommending to the BCB Board of Directors to authorize the monetization of banknotes by a simple majority of votes of the members present, within the framework of what is provided in Articles 3 and 4 of the Regulation on Monetization, Distribution, Destruction of Monetary Material, and Destruction of Counterfeit Material, in conformity with Paragraph I of Article 24 and Article 26 of the Statute of the

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BCB. Finally, in the exercise of the supervision attribution, it corresponds to the BCB Board of Directors to designate one of its members to participate in the corresponding monetization act.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize the monetization of banknotes in the Bs20 cut, according to the following detail:

Cut	Quantity (Pieces)	Amount (Bs)
Bs20	23,850,000	477,000,000

Article 2.- Designate Director ad interim Víctor Gonzalo Calisaya Gómez to, on behalf of the Board of Directors, participate in the monetization act of the aforementioned material.

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

La Paz, February 18, 2025

SIGNED: ROGER EDWIN ROJAS ULO, Gumerindo Héctor Pino Guzmán, Miguel Ángel Marañón Urquidi, Víctor Gonzalo Calisaya Gómez.

"2025 BICENTENARIO DE BOLIVIA"