Board Resolution No. 061/2026

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 61/2026

SUBJECT: ECONOMIC POLICY ADVISORY – FINANCIAL ENTITIES MANAGEMENT – MODIFY THE FOREIGN EXCHANGE POSITION REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES.

HAVING SEEN:

The Political Constitution of the State of February 7, 2009.

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

Board Resolution No. 95/2022 of October 6, 2022, which approves the Statute of the BCB.

Board Resolution No. 50/2026 of April 28, 2026, which approves the Foreign Exchange Position Regulation for Financial Intermediation Entities.

The report BCB-APEC-SPMEE-INF-2026-2 of May 11, 2026, issued by the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

The report BCB-GAL-SANO-DLBCI-INF-2026-115 of May 11, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That the Political Constitution of the State in its article 327 determines that the BCB has the function of maintaining the stability of the internal purchasing power of the currency to contribute to economic and social development. In its article 328, it states that the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, has among its attributions to determine and execute monetary policy, execute exchange rate policy, regulate the payment system, authorize the issuance of currency, and administer the International Reserves.

That Law No. 1670 in its article 3 establishes that the BCB will formulate policies of general application in monetary, exchange, and payment system matters for the fulfillment of its object.

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That article 30 of Law No. 1670 states that all entities of the financial intermediation system and financial services, whose operation is authorized by the Superintendence of Banks and Financial Entities, now the Financial System Supervision Authority (ASFI), are subject to the regulatory competence of the BCB.

That articles 44 and 54, subsections a) and o) of Law No. 1670 provide that the highest authority of the BCB is its Board of Directors, responsible for defining its policies, specialized regulations of general application, and internal norms; as well as establishing administrative, operational, and financial strategies of the Issuing Entity, approving their respective short and medium-term programs, which has the attributions to issue norms and adopt general decisions necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned 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.

That the Statute of the BCB in numerals 1), 12), and 30) of its article 10 determines that the Board of Directors has the attributions to approve general decisions and issue the necessary norms for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; determine the exchange regime and exchange policy; and approve, modify, and interpret the Regulations of the BCB.

That the Foreign Exchange Position Regulation for Financial Intermediation Entities, in its article 1, establishes that its object is to regulate the foreign exchange position of Financial Intermediation Entities in denominations other than national currency, in order to preserve the stability of the financial system and maintain the necessary control over their aggregated active and passive positions.

CONSIDERING:

That through report BCB-APEC-SPMEE-INF-2026-2, APEC and GEF conclude and recommend to the Board of Directors of the BCB to modify the Foreign Exchange Position Regulation for Financial Intermediation Entities, with the objective of strengthening the conduct of exchange rate policy.

That through report BCB-GAL-SANO-DLBCI-INF-2026-115, GAL concludes that from the analysis carried out and in attention to the antecedents sent by APEC and GEF, it is determined that the approval of the modifications to the “Foreign Exchange Position Regulation for Financial Intermediation Entities” is legally viable as it does not violate the

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current legal framework, therefore it corresponds to the Board of Directors of the BCB its approval in accordance with what is established in article 54, subsections a) and o) of Law No. 1670 and article 10, numerals 1), 12), and 30) of the Statute of the BCB.

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

Article 1.- Modify article 4 (Limits of the Exchange Position) of the Foreign Exchange Position Regulation for Financial Intermediation Entities, in the following manner:

SAYS:

Article 4 (Limits of the Exchange Position).

Financial Intermediation Entities may maintain an exchange position according to the following rules:

a) For the sum of ME, MVDOL, and OME, the limits are as follows:

A long position up to the equivalent of 20% (TWENTY PERCENT) of the value of net equity. Financial Intermediation Entities (FIE) whose net equity value registers a negative value will automatically be in breach of the Regulation.
A short position up to the equivalent of 50% (FIFTY PERCENT) of the value of accounting equity.

b) A long position in MNUFV up to the equivalent of 20% (TWENTY PERCENT) of the value of accounting equity.

SHALL SAY:

“Article 4 (Limits of the Exchange Position).

Financial Intermediation Entities may maintain exchange positions in accordance with the following limits:

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a) For the sum of positions in ME and OME, the following limits are established:

A long position up to the equivalent of 10% (TEN PERCENT) of the entity's net worth. Financial Intermediation Entities whose net equity registers a negative value will be automatically considered in breach of this Regulation.
A short position up to the equivalent of 50% (FIFTY PERCENT) of the entity's accounting equity.

b) For the position in MVDOL, a balanced position equivalent to 0% (ZERO PERCENT) of net equity is established.

c) For the position in MNUFV, a long position up to the equivalent of 20% (TWENTY PERCENT) of accounting equity is established.”

Article 2.- Modify article 6 (Sanctions) of the Foreign Exchange Position Regulation for Financial Intermediation Entities, in the following manner:

SAYS:

“Article 6 (Sanctions).

Breach of the exchange position limits is considered when the financial intermediation entity exceeds the maximum limits established for long position by more than three (3) consecutive business days within the same reserve requirement formation period, in which case:

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iii. The verification of compliance with the exchange position limits, as well as the determination and application of the REC, will be carried out in each reserve requirement formation period by the Financial Entities Management of the BCB. iv. The RECs will be constituted with resources from the current account and reserve in MN in a specific account administered by the BCB.”

SHALL SAY:

“Article 6 (Sanctions).

Breach of the exchange position limits is considered when the Financial Intermediation Entity exceeds the maximum long position limit for the sum of ME and OME; or fails to comply with the balanced position established for MVDOL, for more than three (3) consecutive business days within the same reserve requirement formation period, in which case:

i. Verified the breach in an initial reserve requirement formation period (period 0), the entity must constitute a Compensatory Reserve (REC) equivalent to one (1%) percent of its obligations subject to reserve in national currency (MN), which will be applied during the immediately subsequent reserve requirement formation period (period 1), during which the corresponding resources will remain immobilized without remuneration. ii. Once the entity complies with the established long position limits, the release of the resources corresponding to the REC will take effect from the reserve requirement formation period immediately following that in which such compliance is verified. iii. The verification of compliance with the exchange position limits, as well as the determination and application of the REC, will be carried out in each reserve requirement formation period by the Financial Entities Management of the BCB. iv. The RECs will be constituted with resources from the current account and reserve in MN in a specific account administered by the BCB.”

Article 3.- Include article 10 (Reserves for Recomposition) to the Foreign Exchange Position Regulation for Financial Intermediation Entities, with the following text:

“Article 10 (Reserves for Recomposition). When there is an increase in balances in ME and/or OME of accounts 210.00 (Obligations with the public) and 280.00 (Obligations

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with public enterprises) in relation to the date of publication of this regulation, a Reserve must be constituted in its equivalent in MN under the concept of Recomposition Reserve (RR), which will be calculated using the official buying exchange rate.

The RR will be constituted with resources from the current account and reserve in MN in a specific account administered by the BCB.

The verification of the modification of the balances of the mentioned accounts, as well as the determination and application of the RR, will be carried out by the Financial Entities Management of the BCB with daily information.”

Article 4.- The modification to the Foreign Exchange Position Regulation for Financial Intermediation Entities will enter into force as of May 19, 2026.

Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, May 12, 2026

David Iván Espinoza Torrico
PRESIDENT a.i.

Claudia Haydee Pacheco Ayala
DIRECTOR a.i.

Dennise Sussan Martin Alarcón
DIRECTOR a.i.

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Walter Fernando Orellana Rocha
DIRECTOR a.i.

Álvaro Alfonso Romero Villavicencio
DIRECTOR a.i.