Board Resolution No. 066/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 66/2026
SUBJECT:
VIEWED:
The Political Constitution of the State of February 7, 2009.
CONSIDERING:
The Statute of the BCB, approved by Board Resolution No. 95/2022 of October 6, 2022.
The report BCB-GOI-SRES-DNI-2026-20 of May 18, 2026, issued by the International Operations Management (GOI).
The Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
The Regulation for the Administration of International Reserves, approved by Board Resolution No. 71/2023 of May 9, 2023 and its modifications.
The report BCB-GAL-SANO-DLBCI-INF-2026-123 of May 19, 2026, issued by the Legal Affairs Management (GAL).
The Law No. 1503 of May 5, 2023, on the Purchase of Gold Destined to Strengthen International Reserves.

That Law No. 1670 in its article 1 determines that the BCB is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized regulatory powers of general application. In its articles 14, 15, and 16, it provides that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments, that such reserves are constituted by one or more international assets and that the BCB will administer and manage its International Reserves, being able to invest them and deposit them in custody, as well as dispose of and pledge them, in the manner it considers most appropriate for the fulfillment of its object and functions and for their adequate safeguarding and security. It may also buy foreign exchange hedging instruments in order to reduce risks. In the case of gold reserves, these will also be governed by the specific Law.

That Law No. 1503 in paragraph I of its article 9 determines that the BCB will carry out operations in international markets with gold reserves, being able to buy, invest, deposit in custody, use in hedging instruments, transform and convert into currencies, in order to optimize the liquidity and/or return of International Reserves.

GERENCIA DE OPERACIONES INTERNACIONALES - APPROVE THE REGULATION FOR THE ADMINISTRATION OF INTERNATIONAL RESERVES.

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 numeral 5 of paragraph I of its article 328, it establishes that it is an attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, to administer international reserves.

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CONSIDERING:
That through the report BCB-GOI-SRES-DN1-INF-2026-20, the GOI concludes that the new Regulation for the Administration of International Reserves has as its main objective to establish the guidelines and general norms for the administration, evaluation, and control of the BCB's International Reserves, which will allow it to fulfill its constitutional mandate fully and effectively, ensuring responsible, transparent, and aligned management with international standards, recommending the Board of Directors of the BCB its approval.

That the aforementioned Law, in its article 44, establishes that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application, and internal norms. In letters a), c), and o) of its article 54, it points out as attributions of the Board of Directors, to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, to carry out follow-up on the execution of monetary, exchange, credit, financial intermediation, and international reserve administration policies and regulations, and to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds vote of all its members, without the need for any additional administrative act.

That the Statute of the BCB in numerals 1), 6), and 30) of its article 10 provides that the Board of Directors has the attributions 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 the Law; to approve the policy and norms for the administration of International Reserves, as well as to carry out follow-up on their execution, and to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds vote of all its members, without the need for an additional administrative act.

That through the report BCB-GAL-SANO-DLBCI-INF-2026-123, the GAL concludes that the proposal of the GOI for the approval of the Regulation for the Administration of International Reserves and the modification of the Annual Investment Policy is legally viable and does not violate the current legal framework, corresponding to the Board of Directors of the BCB its approval in accordance with what is established in article 44 and letters a), c), and o) of article 54 of Law No. 1670 and numerals 1), 2), 6), and 30) of article 10 of the Statute of the BCB.

BOARD OF DIRECTORS
//3. B.D. No. 66/2026
Artículo 1.-
Articulo 2.-
Artículo 3.- This Resolution shall enter into force from its publication.
Artículo 4.-
La Paz, May 20, 2026
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
The Presidency and General Management are charged with the compliance of this Resolution.
David Iván Espinoza Torrico
PRESIDENT a.i.

From the entry into force of this Resolution, the Regulation for the Administration of International Reserves approved by Board Resolution No. 71/2023 of May 9, 2023 and its modifications are hereby repealed. Approve the new Regulation for the Administration of International Reserves in its three (3) chapters and twenty-one (21) articles, which form an integral part of this Resolution as an Annex.

BOARD OF DIRECTORS
//4. B.D. No. 66/2026
Alvaro Alfonso Romero Villavicencio
DIRECTOR a.i.
Dennise Sussan Martin Alarcón
DIRECTOR a.i.
Walter Fernando Orellana Rocha
DIRECTOR a.i.

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//5. B.D. No. 66/2026
ANNEX
Artículo 1.- (Object)
Artículo 2.- (Investment Criteria)
Artículo 3.- (Annual Investment Policy)
I.
II.
III.
IV.
Artículo 4.- (Areas Responsible for Execution) 1.
The International Reserves of the BCB are invested with criteria of capital preservation, security, liquidity, diversification, and profitability, in that order of priority.
The International Operations Management through the Reserves Sub-management is in charge of the execution, recording, and follow-up of the investments of the REGULATION FOR THE ADMINISTRATION OF INTERNATIONAL RESERVES
CHAPTER I
GENERAL PROVISIONS
This Regulation has as its object to establish the guidelines and general norms for the administration, evaluation, and control of the International Reserves of the Central Bank of Bolivia (BCB).
The Board of Directors will approve the Annual Investment Policy (AIP) of the International Reserves before the start of each management period.
The AIP will establish the guidelines for the investment and risk management of the International Reserves, considering their level and market expectations for its period of validity. Among others, it will establish currencies, maximum concentration limits by rating, sector, and issuer, reference comparators, and investment terms. The AIP defines the composition and guidelines of the tranches and portfolios that make up the International Monetary Reserves and Gold Reserves. The AIP will define the portfolios of each tranche of the International Monetary Reserves, considering liquidity and risk and return of investments, in line with the investment criteria established in article 2 of this Regulation. The

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//6. B.D. No. 66/2026
II.
Artículo 5.- (Audits on the Investment of International Reserves) Artículo 6.- (Import and Export of Currency in Banknotes) Artículo 7.- (Object of International Reserves) Artículo 8.- (Structure of International Reserves) Artículo 9.- (International Monetary Reserves) International Monetary Reserves are composed of the following tranches:
International Reserves have the object of maintaining the normal functioning of the country's international payments and backing monetary and exchange policies.
The International Operations Management in coordination with the Treasury Management will manage the import and export of currency in banknotes.
The Internal Audit Management will carry out audits on the investment of International Reserves on a semi-annual basis.
International Reserves are composed of International Monetary Reserves, Gold Reserves, and Special Drawing Rights (SDR) Holdings.
International Reserves, applying the provisions of this Regulation and the current AIP, reporting to the International Reserves Committee (CRI) at each meeting and to the Board of Directors of the BCB quarterly or when the CRI recommends. The Investment Control Department of the International Operations Management is in charge of controlling compliance with the norms, policies, investment limits, and risks established by the Board of Directors of the BCB, in the investment of International Reserves, having to report to the CRI at each meeting and to the Board of Directors of the BCB quarterly or when the CRI recommends.
CHAPTER II
INTERNATIONAL RESERVES

BOARD OF DIRECTORS in. B.D. No. 66/2026
I.
II.
Artículo 10.- (Gold Reserves)
I.
Artículo 11.- (Authorized Currencies)
Artículo 12.- (Return on Investments)
Artículo 13.- (Intermediaries)
Artículo 14.- (Investment Sectors)
International Monetary Reserves are constituted by currencies recognized as International Reserve currencies.
The Investment Control Department will calculate the return of the BCB's International Reserves according to international standards. The return will be evaluated with reference to its reference comparator and in the currency invested in each portfolio. II. HI. Liquidity Tranche: Its object is to cover international payment requirements and meet the liquidity requirements of the national financial system. Investment Tranche: Its object is to diversify and increase the value of reserve investments, with limited risk over a medium-term horizon. Gold Reserves are constituted by physical gold in BCB vaults, investments, and balances in gold accounts abroad. The total of Gold Reserves can be invested abroad. The exit of the national customs territory of gold purchased in the domestic market, to carry out refining and/or investment operations, will be approved by Board Resolution. The authorized investment sectors for the investment of International Reserves are Government, Government Agencies, Supranational, and Banking. The purchase and sale of securities, currencies, gold, and the operations authorized in article 15, will be carried out with primary dealers, eligible financial institutions, or institutions registered in the Stock Exchanges of the countries defined in the risk policy of this Regulation.

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Artículo 15.- (Authorized Investments, Operations, and Instruments)
I. The authorized instruments are:
II. The authorized investments and operations are:
Artículo 16.- (Delegated Administration)
I.
II.

• Securities Lending
• Risk hedging with derivatives
• Asset swap
• Currency swaps
• Securities repo
• Gold purchase-sale
• Currency purchase-sale
  Overnight Deposits
  Commercial Paper
  Certificates of Deposit
  Time Deposits
  Bills
  Notes
  Bonds
  Strips
  Floating Rate Notes
  Treasury Inflation Protected Securities (TIPS) Futures, forwards, and options contracts Interest rate futures/forwards contracts Sovereign funds or multilateral organization funds Investment funds in fixed income, money market, or inflation-indexed The delegated administration of International Monetary Reserves is carried out through international organizations, financial institutions, or fund managers duly authorized and regulated by the competent financial authorities in their jurisdictions by country of origin. The Board of Directors of the BCB through an express Resolution will approve the investment guidelines for delegated administration within the framework of this Regulation, for

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111.
IV.
Artículo 17.- (Custody)
Artículo 18.- (Credit Risk Rating Agency)
Artículo 19.- (Credit Risk)
I.
II.
III.
CHAPTER III
GLOBAL RISK POLICY
The custody services for the investments of International Reserves are carried out by the Bank for International Settlements (BIS) and by banks or financial institutions that have a long-term issuer credit risk rating equal to or greater than A (S&P), A (Fitch), or A2 (Moody's). its subsequent contracting in accordance with what is provided by the specific regulation for the contracting of these specialized services abroad. The total delegated amount must not exceed 30% of International Monetary Reserves. The amount delegated per institution International Monetary Reserves. The credit risk ratings mentioned in this Regulation correspond to the rating agencies Standard & Poor's Global Market Intelligence LLC (S&P), Fitch Solutions Inc. (Fitch), and Moody's Investors Service (Moody's), using in the first instance the ratings of the agency with a current contract with the BCB. In cases where the contracted rating agency does not assign a credit rating to a counterparty, any available rating from the other two rating agencies will be used. The country where the investments are made and the country of the headquarters of the institutions in which the investments of International Reserves are made or with which intermediation is carried out, must have a long-term sovereign credit risk rating equal to or greater than A (S&P), A (Fitch), or A2 (Moody's) and a short-term rating equal to or greater than A-1 (S&P), F1 (Fitch), or P-1 (Moody's). The long-term issuer and/or counterparty credit risk rating where the investments of International Reserves are made must be equal to or greater than A- (S&P), A- (Fitch), or A3 (Moody's) and short-term equal to or greater than A-2 (S&P), F2 (Fitch), or P-2 (Moody's). Investments are made in non-subordinated debt securities.

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IV.
V.
VI.
VII.
Artículo 20.- (Market Risk)
Artículo 21.- (Prohibitions) o —
Operations with non-financial entities and/or public or private financial entities classified as belonging to countries with high-risk jurisdictions of the Financial Action Task Force (FATF) are prohibited, as well as those registered in international sanctions lists of the Office of Foreign Assets Control (OFAC), the European Union (EU), and the United Nations Security Council. The maximum expected loss in a year under a 95% confidence level, measured by Market Value at Risk (Market VaR), is 0.7% for International Monetary Reserves. In case of non-compliance, the Investment Control Department will report to the CRI, to adopt corrective measures. Investments are made in securities with no component associated with the equity market. Investments and/or operations of International Reserves can be carried out in financial instruments issued by the Bank for International Settlements (BIS), World Bank (WB), Latin American Reserve Fund (FLAR), and other supranational organizations that meet the minimum established rating. For gold investments, deposits, and gold purchases in the international market, financial entities must be members of the London Bullion Market Association. The maximum expected credit loss in a year, measured by Credit Value at Risk (Credit VaR), is 0.9% for International Monetary Reserves denominated in United States dollars, with a confidence level of 99.9%. In case of non-compliance, the Investment Control Department will report to the CRI, to adopt corrective measures.