Board Resolution No. 065/2026

[Logo: Escudo de Bolivia] [Logo: Banco Central de Bolivia]

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 65/2026

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

HAVING REVIEWED:

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.

Report BCB-APEC-SPMEE-INF-2026-7 of May 20, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

Report BCB-GAL-SANO-DLBCI-INF-2026-125 of May 20, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

That the Political Constitution of the State in its articles 327 and 328 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, with its attributions, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by law: to determine and execute monetary policy, execute exchange rate policy, regulate the payment system, authorize the issuance of currency and administer international reserves.

That Law No. 1670 in its articles 3 and 19 establishes that the BCB will formulate policies of general application in monetary, exchange rate and payment system matters for the fulfillment of its object, and that the BCB will establish the exchange rate regime and execute the exchange rate policy, regulating the conversion of the Boliviano in relation to the currencies of other countries and the procedures to determine the exchange rates of the national currency.

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BOARD OF DIRECTORS

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That the BCB will formulate policies of general application in monetary, exchange rate and payment system matters for the fulfillment of its object.

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 the aforementioned Law in articles 44 and 54, subsections a) and o), provides 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 Issuer Entity, approving their respective short and medium-term programs, which has the attributions to issue norms and adopt general decisions necessary for the Issuer 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 subsections 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; to determine the exchange rate regime and exchange rate policy; and to 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 the 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-SADBC-INF-2026-7, the APEC and GEF recommend to the Board of Directors of the BCB to modify the Foreign Exchange Position Regulation for Financial Intermediation Entities, in order to specify the operational criteria for the calculation of the balanced position in MVDOL, considering that accruals and operations of a transitory nature may generate minor deviations that do not compromise the objective of the regulation.

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BOARD OF DIRECTORS

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That through report BCB-GAL-SANO-DLBCI-INF-2026-125, the GAL concludes that the modification of subsection b) of article 4 of the Foreign Exchange Position Regulation for Financial Intermediation Entities is legally viable as it does not violate the current legal framework, therefore it corresponds to the Board of Directors of the BCB to approve it in accordance with what is established in article 54, subsections a) and o) of Law No. 1670 and article 10, subsections 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 subsection b) of article 4 (Limits of the Exchange Position) of the Foreign Exchange Position Regulation for Financial Intermediation Entities, as follows:

SAYS:

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

SHOULD SAY:

"b) For the position in MVDOL, a balanced position equivalent to 0% (ZERO PERCENT) of net equity is established, with a permitted margin of long or short position of up to 1% of the Net Equity of the entity."

Article 2.- The modification to the Foreign Exchange Position Regulation for Financial Intermediation Entities will enter into force from its publication.

Article 3.- The Presidency and General Management are in charge of the execution and compliance of this Resolution.

La Paz, May 20, 2026

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BOARD OF DIRECTORS

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David Iván Espinoza Torrico PRESIDENT a.i.

Dennise Sussan Martin Alarcón DIRECTOR a.i.

Walter Fernando Orellana Rocha DIRECTOR a.i.

Álvaro Alfonso Romero Villavicencio DIRECTOR a.i.