Board Resolution No. 076/2025

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 076/2025

SUBJECT: TREASURY MANAGEMENT – AUTHORIZE THE MONETIZATION OF MONETARY MATERIAL FROM THE Bs100 AND Bs200 CUTS.

VIEWED:

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

Law No. 901 of November 28, 1986, on the Creation of a New Monetary Unit.

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

The BCB Statute approved by Board Resolution No. 095/2022 of October 6, 2022.

Board Resolution No. 094/2018 of July 24, 2018, which approves the Regulation on Monetization, Distribution, and Destruction of Monetary Material and Destruction of Counterfeit Material and its modifications.

Board Resolution No. 067/2023 of May 2, 2023, which approves the Regulation on Exchange and Fractioning of Monetary Material of the BCB.

Report BCB-GTES-SAMM-DAMM-INF-2025-75 of June 12, 2025, issued by the Treasury Management (GTES).

Legal Report BCB-GAL-SANO-DLBCI-INF-2025-179 of June 12, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

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

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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 numeral 4 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is an attribute of the BCB, in coordination with the economic policy determined by the Executive Branch, to authorize the issuance of currency.

That Articles 1 to 3 of Law No. 901 establish the creation of the Boliviano, as a new unit of the monetary system of the Plurinational State of Bolivia through banknotes and coins that the BCB will issue and circulate with the quality of legal and compulsory tender, its symbol will be Bs (capital B followed by a lowercase b), which will precede, without space or period, the numerical expression; and recognizes the BCB as the sole issuer of banknotes and coins in "Boliviano" of legal and compulsory tender.

That Article 1 of Law No. 1670 establishes that the Issuing Entity is the sole monetary authority of the country, with administrative, technical, and financial competence and specialized regulatory powers.

That Articles 10 and 11 of Law No. 1670 provide that the BCB will exercise exclusively and inalienably the function of issuing the monetary unit of Bolivia called the "Boliviano", in the form of banknotes and metallic coins, being that the banknotes and coins issued by the BCB are means of payment of legal tender throughout the territory of the Plurinational State of Bolivia, with unlimited liberatory power.

That Article 44 of Law No. 1670 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 rules; as well as for establishing administrative, operational, and financial strategies of the BCB.

That subsections a) and m) of Article 54 of the aforementioned Law determine that the BCB Board of Directors has the attribute to issue regulations and adopt general decisions that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, and to authorize and supervise the printing, issuance, and destruction of banknotes and the minting and withdrawal of coins, within the norms of the aforementioned Law.

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That subsections 1) and 11) of Article 10 of the BCB Statute provide that the BCB Board of Directors has the attribute to approve general decisions and issue regulations 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 the printing, issuance, and destruction of Boliviano banknotes and coins, and those issued for commemorative and numismatic purposes as well as their denominations, dimensions, designs, and colors, according to Regulations when applicable.

That Article 24 of the aforementioned Statute provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or this Statute require qualified majorities.

That Article 26 of the Statute states that the Board of Directors pronounces itself on matters within its competence through Resolutions. It may also do so through decisions that will be expressly recorded in the Minutes. 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 GAL. These reports must be sent to the Board of Directors by the General Management with its recommendation.

That Articles 2 and 3 of the Regulation on Monetization, Distribution, Destruction of Monetary Material, and Destruction of Counterfeit Material define monetization as a privative function of the BCB as the sole issuer of the Boliviano, through which nominal value is granted to Boliviano banknotes and coins for their circulation. It also establishes that the BCB Board of Directors, through an express resolution, will authorize the monetization of monetary material based on reports from GTES and GAL, according to the issuance or storage requirements determined by GTES.

That Articles 4 and 5 of the Regulation on Monetization, Distribution, Destruction of Monetary Material, and Destruction of Counterfeit Material determine that the monetization authorization will be recorded in Minutes signed by a Director designated by the BCB Board of Directors, the General Manager, the Treasury Manager, and the Submanager of Monetary Material Operations; GTES will register the monetization of banknotes and coins, transferring

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accountingly the nominal value of each of the denominations of "Monetary Material in Warehouses" to the "Central Vault" account.

That the BCB Regulation on Exchange and Fractioning of Monetary Material aims to regulate the exchange and fractioning operations of Boliviano banknotes and/or coins that must be carried out by all financial intermediation entities supervised by the Financial System Supervision Authority.

That the technical report BCB-GTES-SAMM-DAMM-INF-2025-75 from GTES concludes that, based on the recent evolution of banknote distribution and the economic context, the current stock of Bs100 and Bs200 cut banknotes in BCB Vaults would be insufficient to meet short-term issuance requirements. In this sense, with the purpose of satisfying the demand for banknotes from Financial Intermediation Entities (EIFs) and, in general, meeting issuance requirements, in accordance with current regulations, it is technically viable to proceed with the monetization of banknotes from the Bs100 and Bs200 cuts, under the terms described. For this effect, the monetary material to be used will correspond to the banknote pieces of Series B of the NFB recently delivered to the BCB and which were provided under Contract SANO-DLABS No. 3/2025, Modification Contract SANO-DLABS No. 43/2025, and Modification Contract SANO-DLABS No. 69/2025, signed with CRANE CURRENCY MALTA LIMITED; monetary material amounting to 20 million pieces of the Bs100 cut, with a nominal value of Bs2,000 million; and 60 million pieces of the Bs200 cut, with a nominal value of Bs12,000 million; recommending to the BCB Board of Directors to authorize their monetization.

That the legal report BCB-GAL-SANO-DLBCI-INF-2025-179 from GAL concludes that the request of GTES through the technical report BCB-GTES-SAMM-DAMM-INF-2025-75, regarding the monetization of 20 million pieces of the Bs100 cut (Bs2,000 million) and 60 million pieces of the Bs200 cut (Bs12,000 million), is legally appropriate by virtue of the legal provisions contained in the Political Constitution of the State, Articles 1 and 3 of Law No. 901, Law No. 1670, and the BCB Statute; likewise, in observance of what is provided in Articles 3 and 4 of the Regulation on Monetization, Distribution, Destruction of Monetary Material, and Destruction of Counterfeit Material, it corresponds to the BCB Board of Directors to authorize the monetization of banknotes by a simple majority of votes of the members

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present, in accordance with Paragraph I of Article 24 and Article 26 of the BCB Statute, having complied with what was instructed by Minute No. 015/2018. Finally, in the exercise of the supervision attribute, it corresponds to the BCB Board of Directors to designate one of its members to participate in the corresponding monetization act.

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

Article 1.- Authorize the monetization of banknotes from the Bs100 and Bs200 cuts, according to the following detail:

Cut	Quantity (pieces)	Amount (Bs)
Bs100	20,000,000	2,000,000,000
Bs200	60,000,000	12,000,000,000

Article 2.- Designate Acting Director Gumercido Héctor Pino Guzmán to represent the Board of Directors and participate in the monetization act of the aforementioned material.

Article 3.- The Presidency and General Management are charged with the compliance of this Resolution.

La Paz, June 12, 2025

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