Board Resolution No. 057/2013

BOARD RESOLUTION NO. 057/2013 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES MODIFICATIONS TO THE REGULATION FOR THE ADMINISTRATION OF INTERNATIONAL RESERVES.

HAVING SEEN: The Political Constitution of the State approved by referendum on January 25, 2009, and published on February 7, 2009. Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB). The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and its subsequent modifications. Board Resolution No. 075/2012 of June 26, 2012, which approves the Regulation for the Administration of International Reserves, and the modification approved by Board Resolution No. 156/2012 of August 28, 2012. The Report from the International Operations Management BCB-GOI-INF-2013-10 of May 28, 2013. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2013-178 of May 29, 2013.

CONSIDERING: That Article 328 of the Political Constitution of the State establishes, as one of the attributions of the Central Bank of Bolivia (BCB) in coordination with the economic policy determined by the Executive Branch, the administration of international reserves.

That Law No. 1670 provides that the BCB will administer and manage its international reserves in the manner it considers most appropriate for the fulfillment of its object and functions, and for their adequate safeguarding and security.

That the Regulation for the Administration of International Reserves, in its Article 8, establishes the conditions for gold investments.

That the International Operations Management, in its Report BCB-GOI-INF-2013-10, states that as of the date, there are two numerals IV in Article 8 of the Regulation for the Administration of International Reserves and recommends its modification.

//2. B.R. No. 057/2013 That the Legal Affairs Management, in Report BCB-GAL-SANO-INF-2013-178, establishes that the proposal from the International Operations Management for the modification of Article 8 of the Regulation for the Administration of International Reserves does not contravene the legal framework and that, in accordance with the attribution conferred by Article 54, subsection o) of Law 1670, the Board has competence to consider its approval by two-thirds of the votes of all its members.

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

Article 1.- Modify paragraph IV of Article 8 of the Regulation for the Administration of International Reserves with the following wording:

SAYS: Article 8.- (Gold Reserves) B.R. No. 075/2012 IV: Gold investments by issuer must not exceed 40% of the portfolio value, excluding the BIS and the World Bank. B.R. No. 156/2012 IV. The purchase of gold required to complete London Good Delivery Bars resulting from the refining of locally purchased gold is authorized.

SHOULD SAY: “Article 8.- (Gold Reserves) IV: Gold investments by issuer must not exceed 40% of the portfolio value, excluding the BIS and the World Bank. V. The purchase of gold required to complete London Good Delivery Bars resulting from the refining of locally purchased gold is authorized.”

//3. B.R. No. 057/2013 Article 2.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, June 4, 2013

---

Marcelo Zabalaga Estrada

---

Gustavo Blacutt Alcalá Abraham Pérez Alandia

---

Hugo Dorado Araníbar Rafael Boyán Téllez

---

Rolando Marín Ibáñez