Board Resolution No. 028/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 28/2026
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - REVOKE BOARD RESOLUTIONS NO. 006/2023, NO. 120/2023, AND NO. 093/2024.

VIEWED:
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Law No. 2042 of December 21, 1999, on Budgetary Administration and its modifications.
Law No. 1493 of December 17, 2022, on the General State Budget - Management 2023.
Supreme Decree No. 5301 of January 2, 2025, Regulation for the application of Law No. 1493.
The Regulation on Financial Operations with Foreign Entities of Central Level State-Owned Enterprises and Companies in which the State holds a majority shareholding, approved by Board Resolution No. 006/2023 of January 4, 2023, and its modifications.
Board Resolution No. 95/2022 of October 6, 2022, which approves the Statute of the BCB.
Report BCB-GOI-SOEXT-DOCC-INF-2026-7 of March 13, 2026, issued by the International Operations Management (GOI).
Report BCB-GAL-SANO-DLBCI-INF-2026-55 of March 16, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:
That Law No. 1670 in its article 1 establishes that the BCB is the sole monetary and exchange authority of the country, with administrative, technical, financial competence, and specialized regulatory powers of general application. In its article 44 and the subsections a, c), and o) of its article 54, it determines that the highest authority of the BCB is its Board of Directors, which has the attributes to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; to monitor the execution of monetary, exchange, credit, financial intermediation, international reserves management, and other policies and regulations corresponding to the BCB in accordance with this Law; and 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 any additional administrative act.

That Law No. 1493 on the General State Budget - Management 2023, in its sixth final provision, establishes that the amount of exports carried out by Central Level State-Owned Enterprises and those in which the State holds a majority shareholding must be settled through the BCB.

That Law No. 2042 on Budgetary Administration in subsection aa) of paragraph 1 of its article 47, incorporated by the second final provision of Law No. 1613 on the General State Budget - Management 2025, establishes that the normative provisions applicable to the economic and financial administration of the State form part of this Law, incorporating as an Annex the mandates contained in the sixth final provision of Law No. 1493.

That Supreme Decree No. 5301 regulates the mandates contained in the Annex to Law No. 2042; in its article 50, it prescribes that for the purposes of applying the sixth final provision of Law No. 1493, Central Level State-Owned Enterprises and those in which the State holds a majority shareholding must be governed by the regulation on the settlement of export amounts issued by the BCB within the framework of its competencies.

That the Statute of the BCB in numerals 1) and 30) of its article 10 provides that the Board of Directors of the Issuing Entity has the attributes 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; 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.

CONSIDERING:
That through report BCB-GOI-SOEXT-DOCC-INF-2026-7, the GOI concludes that, from the evaluation carried out on the Regulation on Financial Operations with Foreign Entities of Central Level State-Owned Enterprises and Companies in which the State holds a Majority Shareholding, it is established that, starting from the 2025 management period, the operation of this Regulation does not contribute to strengthening International Reserves, and therefore recommends to the BCB Board of Directors that it be revoked.

That through report BCB-GAL-SANO-DLBCI-INF-2026-55, the GAL concludes that the request to revoke the Regulation on Financial Operations with Foreign Entities of Central Level State-Owned Enterprises and Companies in which the State holds a Majority Shareholding is legally appropriate, because, starting from the 2025 management period, the operation of this Regulation does not contribute to strengthening international reserves, as pointed out by the GOI, since it does not contravene the current legal framework, and it is within the competence of the BCB Board of Directors to approve the requested action in accordance with what is established in articles 44 and 54, subsections a), c), and o) of Law No. 1670 and numerals 1) and 30) of article 10 of the BCB Statute.

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

Article 1.- Revoke Board Resolutions No. 006/2023 of January 4, 2023, No. 120/2023 of August 29, 2023, and No. 093/2024 of July 11, 2024.

Article 2.- The General Management shall regulate, through an External Circular, the financial operations with foreign entities of central-level state-owned enterprises and those in which the State holds a majority shareholding.

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

La Paz, March 17, 2026

David Iván Espinoza Torrico
PRESIDENT a.i.

Claudia Haydee Pacheco Ayala
DIRECTOR a.i.

Dennise Sussan Martín Alarcón
DIRECTOR a.i.

Walter Fernando Orellana Rocha
DIRECTOR a.i.

Alvaro Alfonso Romero Villavicencio
DIRECTOR a.i.