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2022-07-12 | RESOLUCIONES DE DIRECTORIO N° 050/2022

Added 2026-07-27 · Updated 2026-08-13

Board Resolution No. 050/2022

The Central Bank of Bolivia amends the Regulation on Financial Operations with Foreign Entities to impose a USD 10 million cap on operational capital balances held in foreign accounts and mandate that all foreign currency transfers be processed through the Central Bank. The resolution updates reporting obligations, requiring monthly sworn declarations of investments and balances for entities with foreign holdings, or quarterly declarations for those without, and excludes state-majority financial entities from these specific provisions. These modifications apply to commercial companies with majority state participation, their subsidiaries, and affiliates, and enter into force upon publication.

Bolivia

Banco Central de Bolivia

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 050/2022

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - AMEND THE REGULATION ON FINANCIAL OPERATIONS WITH FOREIGN ENTITIES.

VIEWED:

The Political Constitution of the State dated February 7, 2009.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB).
Board Resolution No. 128/2005 of October 21, 2005, which approves the Statute of the Central Bank of Bolivia and its modifications.
Board Resolution No. 039/2022 of May 18, 2022, which approves the Regulation on Financial Operations with Foreign Entities.
Report BCB-GOI-SOEXT-DOCC-INF-2022-10 of July 6, 2022, from the International Operations Management (GOI).
Report BCB-GAL-SANO-INF-2022-4 of July 7, 2022, from the Legal Affairs Management (GAL).

CONSIDERING:

That paragraph II of Article 326 of the Political Constitution of the State establishes that public transactions in the country shall be carried out in national currency.
That Article 327 of the Political Constitution of the State states 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 Central Bank of Bolivia to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.
That Article 328 of the Political Constitution of the State provides that the attributions of the Central Bank of Bolivia, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, are to determine and execute monetary policy, execute exchange rate policy, regulate the payment system, authorize the issuance of currency, and administer international reserves.

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That Article 1 of Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia, modified by Article 67, section A3, numeral 1 of Law No. 1864, of June 15, 1998, on Property and Popular Credit, determines that the BCB is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with legal personality and its own assets; it is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative faculties of general application, in the manner and scope established by law.
That Law No. 1670, in its Articles 2 and 20, establishes that the object of the BCB is to seek the stability of the internal purchasing power of the national currency; and empowers the BCB to regulate financial operations with foreign entities, carried out by public and private persons or entities.
That Article 44 and subsections a), c), o), and q) of Article 54 of Law No. 1670 of the BCB define that the Highest Authority of the Central Bank of Bolivia is its Board of Directors and that its attributions include issuing norms and adopting general decisions that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by Law, as well as monitoring the execution of monetary, exchange, credit, financial intermediation, and international reserve administration regulation policies; and that the Board is empowered 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, and those others that are necessary for the fulfillment of its functions.
That numerales 1 and 29 of Article 11 of the Statute of the Central Bank of Bolivia establish that the Board has the attributions to approve decisions and issue norms, 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 any additional administrative act.
That the Regulation on Financial Operations with Foreign Entities approved by Board Resolution No. 039/2022, aims to regulate financial operations with resources invested in financial instruments abroad, directly or through trusts, by Commercial Companies with Majority State Participation, their Branches and Subsidiaries.
That Report BCB-GOI-SOEXT-DOCC-INF-2022-10 of July 6, 2022, from the GOI, establishes that in order to strengthen International Reserves and provide additional liquidity to the national economy to continue on the path of the country's economic reactivation, it is necessary to modify the Regulation on Financial Operations with

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Foreign Entities, approved by Board Resolution No. 039/2022 of May 10, 2022, therefore recommending its approval to the Board.

That Report BCB-GAL-SANO-INF-2022-4 of July 7, 2022, from the GAL, concludes that the modification to the Regulation on Financial Operations with Foreign Entities, approved by Board Resolution No. 039/2022 of May 10, 2022, proposed by the GOI, does not contravene the current legal framework; therefore, it is legally procedent, recommending to the Board of the BCB its approval.

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

Article 1.- Modify Article 2 (Scope of Application) of the Regulation on Operations with Foreign Entities with the following text:

Article 2.- Scope of Application

I. This Regulation applies to financial operations with resources invested in financial instruments abroad, with excess operational capital, directly or through trusts, by Commercial Companies with Majority State Participation, their Branches and Subsidiaries constituted in national territory, who hereinafter and for the purposes of this Regulation shall be referred to as Companies.

II. Financial Entities of the State or with majority State participation, included in Law No. 393 on Financial Services, their branches and subsidiaries, are exempt from the application of this Regulation.

Article 2.- Modify Article 3 (Transfers from Abroad) of the Regulation on Operations with Foreign Entities with the following text:

Article 3.- Transfer from Abroad

I. Foreign currency transfer operations by Companies, from abroad to national territory, must be carried out through the BCB, considering the following:

a) The Company, at least one (1) business day prior to the transfer from abroad, must present to the BCB, as a sworn declaration, the form established in Annex No. 1 of this

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Regulation, for the purpose of communicating the credit to the correspondent bank account of the Issuer Entity abroad and the final destination account of the resources. This Company must be the orderer and beneficiary of the transfer.

b) On the date of the transfer, the BCB will verify and confirm with the SWIFT credit message that the orderer of the transfer corresponds to the Company holding the resources, for its corresponding registration.

c) The BCB will credit the equivalent in national currency at the official buying exchange rate to the account owned by the Company in the National Financial System.

II. The balances of the operational capital of Companies, which are maintained in accounts abroad (demand deposits), may not exceed USD 10,000,000.- (Ten Million 00/100 United States Dollars).

III. Transfers from abroad with the balances indicated in the preceding paragraph, destined for payments of operational capital obligations, may be carried out through the National Financial System.

Article 3.- Modify Article 4 (Transfers to Abroad) of the Regulation on Operations with Foreign Entities with the following text:

Article 4.- Transfer to Abroad

I. Foreign currency transfer operations by Companies to abroad, must be carried out through the BCB and credited to the account owned by these, considering the following:

a) The Company, at least one (1) business day prior to the transfer to abroad, must request from the BCB, as a sworn declaration, the transfer of resources to abroad through the form established in Annex No. 2 of this Regulation. This Company must be the orderer and beneficiary of the transfer.

b) Through the National Financial System, the Company will credit the funds to the BCB in national currency at the official selling exchange rate; for this effect, it must manage the provision of resources in the account of the Financial

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Entity where it holds said funds and the respective authorization for the debit of the checking and reserve accounts thereof.

c) The operations indicated in subsection a) will not be subject to the collection of commissions by the BCB.

II. Transfers to abroad destined for payments of operational capital obligations may be carried out through the National Financial System.

Article 4.- Incorporate paragraph III into Article 6 (Transfer of Resources) of the Regulation on Operations with Foreign Entities with the following text:

Article 6.- Transfer of Resources

III. Once the period established in paragraph I of this article has been fulfilled, Companies may not exceed the limit of USD 10,000,000.- (Ten Million 00/100 United States Dollars) in their operational capital abroad.

Article 6.- Modify Article 8 (Monitoring of Investments Abroad) of the Regulation on Operations with Foreign Entities with the following text:

Article 8.- Monitoring of Investments Abroad

I. Companies must report to the BCB monthly, as a sworn declaration, the investments and balances they maintain in accounts abroad, as well as transfers from and to abroad carried out through the National Financial System, through the form established in Annex No. 3 of this Regulation until the 15th day of each month with information up to the last day of the previous month.

II. Companies that do not have investments and balances in accounts abroad must report this situation to the BCB quarterly, as a sworn declaration until the 15th day of the month following each quarter.

Article 7.- Incorporate the Sole Additional Provision into the Regulation on Operations with Foreign Entities with the following text:

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ADDITIONAL PROVISIONS Sole Additional Provision.-

Resources of trusts constituted by Law, invested abroad may, optionally, be transferred through the National Financial System, through the Fund for Credits destined to the Productive Sector and Social Interest Housing II (CPVIS II), Fund for Credits destined to the Productive Sector (CPRO), or other mechanisms that the BCB Board of Directors might establish.

Article 8.- Modify Annex No. 3 of the Regulation on Financial Operations with Foreign Entities according to the form attached to this Board Resolution.

Article 9.- The modifications to the Regulation on Financial Operations with Foreign Entities will enter into force from the publication of this Board Resolution.

Article 10.- The Presidency and General Management are charged with the execution and compliance of this Board Resolution.

La Paz, July 07, 2022

SIGNED. OSCAR FERRUFINO MORRO, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.

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ANNEX 3

SWORN DECLARATION FORM OF MATURITIES OF INVESTMENTS, BALANCES IN ACCOUNTS ABROAD AND TRANSFERS THROUGH THE NATIONAL FINANCIAL SYSTEM

Cut-off Date: ________ ________ ________

I. INVESTMENT INFORMATION

| Identifier (ISIN/CUSIP or other) | Instrument Type | Issue Date | Purchase Date | Maturity Date | Issuer | Issuance Place | Nominal Value (In USD) | Coupon Rate | Payments p/Year | Purchase Yield Rate | Current Yield Rate | Issuer Risk Rating | Instrument Risk Rating | Duration | Purchase Price (clean) | Current Market Price (clean) | Broker (of purchase) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

II. ACCOUNT BALANCE INFORMATION

No.	Country/Place	Bank	Currency	Account Balances


General Total

III. TRANSFERS FROM AND TO ABROAD THROUGH THE NATIONAL FINANCIAL SYSTEM INFORMATION

Month	Total Transfers to Abroad In USD	Total Transfers from Abroad In USD

IV. SIGNATURES

SIGNATURE (MAE and/or Legal Representative)
Note: A legalized copy of the appointment document or notarized power of attorney must be attached, as applicable.