Board Resolution No. 072/2025

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 072/2025

SUBJECT: ECONOMIC POLICY ADVISORY AND FINANCIAL ENTITIES MANAGEMENT – MODIFY THE LIQUIDITY CREDIT REGULATIONS FOR THE BANCO DE DESARROLLO PRODUCTIVO SOCIEDAD ANÓNIMA MIXTA.

VIEWED:

The Political Constitution of the State (CPE) of February 7, 2009.

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

Law No. 393 of August 21, 2013 on Financial Services and its modifications.

Supreme Decree No. 4442 of January 6, 2021.

The Statute of the Central Bank of Bolivia approved by Board Resolution No. 095/2022 of October 6, 2022.

The Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta approved by Board Resolution No. 007/2021 of January 11, 2021 and its modifications.

Report BCB-GEF-SASF-DAN-INF-2025-42 of May 27, 2025 issued jointly by the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

Report BCB-GAL-SANO-DLBCI-INF-2025-167 of May 29, 2025 issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Article 327 of the Political Constitution of the State establishes that the BCB is a public law institution, with legal personality and its own assets.

---

//2. B.R. No. 072/2025

BOARD OF DIRECTORS

Within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.

That Article 328 of the aforementioned constitutional text provides among the attributions of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by the Law: 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 Articles 1 and 2 of Law No. 1670 determine that the BCB is an institution of the State of public law, and is the sole monetary and exchange rate authority of the country with administrative, technical and financial competence and specialized regulatory powers of general application, its object being to procure the stability of the internal purchasing power of the national currency.

That Article 36 of Law No. 1670 provides that, to meet liquidity needs in duly justified and qualified cases by its Board of Directors, by absolute majority of votes, the BCB may grant banks and financial intermediation entities credits for terms of ninety days, renewable. The credit limits and their guarantees will be established by the BCB Board of Directors, by absolute majority. To consider applications for these credits, the BCB will conduct non-binding consultations with the Superintendency of Banks and Financial Entities (currently the Financial System Supervision Authority).

That Articles 44 and subsections a), o) and q) of Article 54 of Law No. 1670 establish that the BCB Board of Directors is its highest authority responsible for defining its policies, specialized regulations of general application and internal rules, with attributions, among others, to issue rules and adopt general decisions that may be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, to approve, modify and interpret the Statute and its Regulations by two-thirds of the votes of all its members, without the need for any additional administrative act and those that are necessary for the fulfillment of its functions.

---

//3. B.R. No. 072/2025

BOARD OF DIRECTORS

That subsection a) of Article 179 of Law No. 393 determines among the functions of the Banco de Desarrollo Productivo Sociedad Anónima Mixta (BDP-S.A.M.), framed within its first and second tier activities, to provide financial and non-financial services to the different actors of the plural economy by itself or through third parties.

That the aforementioned Law, in its Article 430, states that the BCB may grant liquidity credits to financial intermediation entities with the guarantee of the legal reserve constituted, as well as with other guarantees determined by the Issuer Entity, according to a Regulation approved by its Board of Directors.

That Supreme Decree No. 4442 aims to allow access to liquidity resources, through the BDP S.A.M. to Development Financial Institutions (DFIs) and Savings and Credit Cooperatives (SCCs) with a license issued by the Financial System Supervision Authority (ASFI) and in Article 2 of the aforementioned norm, it provides that the BDP S.A.M. in order to channel liquidity resources to DFIs and SCCs, may request credits from the Central Bank of Bolivia (BCB) with the guarantee of its second-tier credit portfolio, which will be channeled with a spread no greater than 100 basis points, likewise, that the BDP S.A.M., will evaluate access to this financing solely based on the information of the Financial Statements and/or cash flow projections provided by the DFIs and SCCs.

That subsections 1), 9) and 30) of Article 10 of the BCB Statute establish that the Board of Directors of the Issuer Entity has the attributions to approve general decisions and issue the rules that may be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, as well as to approve by absolute majority of votes, liquidity credits for terms of up to 90 days, renewable, to financial intermediation entities and approve modifications to its Regulations.

That Paragraph I of Article 24 and Article 26 of the Issuer Entity's Statute stipulate that the Resolutions and decisions of the Board of Directors are adopted by simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or the Statute require qualified majorities and that the Board of Directors pronounces itself on matters within its competence through Resolutions, it may also do so through decisions that will be

---

//4. B.R. No. 072/2025

BOARD OF DIRECTORS

expressly recorded in the Minutes. Likewise, every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to which the matter subject to the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be sent to the Board of Directors by the General Management with its recommendation, except in technical matters corresponding to the Economic Policy Advisory which may submit reports to the Board of Directors with its own recommendation.

That Article 5 of the Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta establishes that the term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed for similar terms up to a maximum of (17) seventeen times each, being necessary the cancellation of interest for each renewal.

That the operations included in the Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta, obey what is established in Supreme Decree No. 4442, whose main object is to allow access to liquidity resources to be granted by the Banco de Desarrollo Productivo – Sociedad Anónima Mixta to DFIs and SCCs, with a license to operate, therefore the modification of the aforementioned regulation in the aforementioned Article corresponds.

That report BCB-GEF-SASF-DAN-INF-2025-42, concludes that the modification to the Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta has technical viability; recommending to the BCB Board of Directors to approve the modification of Article 5 (Term) of the Liquidity Credit Regulations of Banco de Desarrollo Productivo Sociedad Anónima Mixta, expanding from 17 to 21 times the number of allowed renewals of operations with said bank and authorizing the Acting President of the BCB to sign the Modifying Contract to the Contract signed with BDP S.A.M.

That report BCB-GAL-SANO-DLBCI-INF-2024-167, concludes that from the review of report BCB-GEF-SASF-DAN-INF-2025-42 and considering the aforementioned regulations, the proposal to modify Article 5 (Term) of the Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta aims to contribute to the dynamism of credits of entities such as SCCs and DFIs, guaranteeing financial

---

//5. B.R. No. 072/2025

BOARD OF DIRECTORS

stability without affecting the orientation of monetary policy, which will also imply the signing of a Modifying Contract to Contract SANO-DLBCI No. 1/2021 of January 12, 2021 and is legally viable, since it does not contravene the legal order; therefore it recommends to the BCB Board of Directors its approval, as well as the authorization to the Acting President of the BCB to sign the corresponding Modifying Contract.

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

Article 1.- Modify Article 5 (Term) of the Liquidity Credit Regulations for the Banco de Desarrollo Productivo Sociedad Anónima Mixta, approved by Board Resolution No. 007/2021 of January 11, 2021 and its modifications, with the following text:

"Article 5. (Term).

The term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed for similar terms up to a maximum of 21 (twenty-one) times each, being necessary the cancellation of interest for each renewal"

Article 2.- This Resolution will enter into force from its publication.

Article 3.- Authorization is granted to the Acting President of the BCB to sign the Modifying Contract with the Banco de Desarrollo Productivo Sociedad Anónima Mixta.

Article 4.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, May 30, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumercindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.