Board Resolution No. 078/2026

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 78/2026

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

VIEWING:

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 and its modifications.

Report BCB-APEC-SPMEE-INF-2026-14 of June 8, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

Report BCB-GAL-SANO-DLBCI-INF-2026-149 of June 8, 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 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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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 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; 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 positions 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 aggregate active and passive positions.

CONSIDERING:

That through report BCB-APEC-SPMEE-INF-2026-14, the APEC and GEF 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-2026-149, the GAL concludes that from the analysis carried out and in attention to the antecedents sent by the APEC and GEF, it is found that the modification 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 its approval in accordance with what

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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 exchange positions in accordance with the following limits:

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 value of the entity's net equity. Financial Intermediation Entities whose net equity registers a negative value will be considered automatically 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, an equilibrium position equivalent to 0% (ZERO PERCENT) of net equity is established, with an allowed margin of long or short position up to 1% of the Entity's Net Equity.

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

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SHOULD SAY:

“Article 4 (Limits of the Exchange Position).

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

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

1. Multiple Banks, SME Banks, Housing Financial Entities, Open Savings and Credit Cooperatives and Societal, and State Financial Entities or with Majority State Participation:

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

ii) A short position up to the equivalent of 50% (FIFTY PERCENT) of the entity's accounting equity.

2. Development Financial Institutions (DFI):

i) A long position up to the equivalent of 40% (FORTY PERCENT) of the value of the entity's net equity, from June 16, 2026. ii) A long position up to the equivalent of 20% (TWENTY PERCENT) of the value of the entity's net equity, from June 30, 2026. iii) A short position up to the equivalent of 50% (FIFTY PERCENT) of the entity's accounting equity, from June 30, 2026.

b) For the position in MVDOL, an equilibrium position equivalent to 0% (ZERO PERCENT) of net equity is established, with an allowed margin of long or short position up to 1% of the Entity's Net Equity.

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

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

SAYS:

“Article 6 (Sanctions).

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

i. Verified the breach in an initial reserve building 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, which will be applied during the immediately subsequent reserve building 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 be effective from the reserve building 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 building period by the Financial Entities Management of the BCB.

iv. The RECs will be constituted with resources from the current and reserve accounts in national currency in a specific account administered by the BCB.”

SHOULD SAY:

“Article 6 (Sanctions).

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

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i. Verified the breach in an initial reserve building period (period 0), the entity must constitute a Compensatory Reserve (REC) equivalent to two percent (2%) of its obligations subject to reserve in national currency, which will be applied during the immediately subsequent reserve building 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 be effective from the reserve building period immediately following that in which such compliance is verified.

iii. If at the end of the reserve period (period 1) the entity had not regularized its exchange position within the established limits, the REC will be increased by two percentage points (2pp) additional, reaching a total of four percent (4%) of the obligations subject to reserve. This level of REC must be maintained, for a minimum of two (2) reserve periods (periods 2 and 3) and will remain in effect until the entity regularizes its exchange position.

iv. 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 building period by the Financial Entities Management of the BCB.

v. The RECs will be constituted with resources from the current and reserve accounts in national currency in a specific account administered by the BCB.”

Article 3.- Modify article 9 (Liquidation of Positions) of the Foreign Exchange Position Regulation for Financial Intermediation Entities, in the following manner:

SAYS:

“Article 9 (Liquidation of Positions).

Within the framework of this Regulation, Financial Intermediation Entities may liquidate their positions in the current and reserve accounts in foreign currency and/or reduce in advance their positions in the funds: Fund for Credits destined to the Productive Sector and Social Housing II (CPVIS II), Fund for Credits destined to the Productive Sector

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and Social Housing III (CPVIS III) and Fund for Credits destined to the Productive Sector (CPRO), at the official selling exchange rate.”

SHOULD SAY:

“Article 9 (Liquidation of Positions).

Within the framework of this Regulation, Financial Intermediation Entities may liquidate their positions in the current and reserve accounts in foreign currency and/or reduce in advance their positions in the funds: Fund for Credits destined to the Productive Sector and Social Housing II (CPVIS II), Fund for Credits destined to the Productive Sector and Social Housing III (CPVIS III) and Fund for Credits destined to the Productive Sector (CPRO), at the official selling exchange rate. Likewise, they may request the liquidation of their participations in the CPVIS II, CPVIS III, and CPRO funds at the official selling exchange rate.”

Article 4.- Repeal article 8 (Exception) of the Foreign Exchange Position Regulation for Financial Intermediation Entities.

Article 5.- The modification to the Foreign Exchange Position Regulation for Financial Intermediation Entities will enter into force from the date of publication of this Board Resolution, except for article 10 (Reserves for Recomposition) of this regulation, which will be applicable to Development Financial Institutions (DFI) and the Productive Development Bank SAM (BDP) from June 16, 2026.

Article 6.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, June 9, 2026

David Iván Espinoza Torrico PRESIDENT a.i.

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Claudia Haydee Pacheco Ayala DIRECTOR a.i.

Dennise Sussan Martin Alarcón DIRECTOR a.i.

Walter Fernando Orellana Rocha DIRECTOR a.i.

Álvaro Alfonso Romero Villavicencio DIRECTOR a.i.