Board Resolution No. 080/2025

//1. B.D. No. 080/2025

BOARD OF DIRECTORS BOARD RESOLUTION NO. 080/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVE THE GRANTING OF AN EXCEPTIONAL LIQUIDITY CREDIT TO THE GENERAL TREASURY OF THE NATION UNDER LAW NO. 1670 - MANAGEMENT 2025.

SEEING:

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.

The Regulation for the Contracting of Liquidity Credits, approved by Ministerial Resolution No. 021 of January 25, 2023 issued by the Ministry of Economy and Public Finance.

The Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670, approved via Board Resolution No. 110/2019 of August 27, 2019.

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

The Execution Decision of the 2025 Fiscal-Financial Program signed on February 3, 2025, between the Ministry of Economy and Public Finance and the BCB.

The note MEFP/VTCP/DGCP/UEPS/N° 299/2025 of June 20, 2025 from the Ministry of Economy and Public Finance.

The report BCB-GOM-SOSP-DCE-INF-2025-52 of June 20, 2025, issued by the Monetary Operations Management (GOM).

The report BCB-APEC-SMF-INF-2025-39 of June 23, 2025, issued by the Economic Policy Advisory (APEC).

“2025 BICENTENNIAL OF BOLIVIA”

---

//2. B.D. No. 080/2025

BOARD OF DIRECTORS

The report BCB-GAL-SANO-DLBCI-INF-2025-193 of June 23, 2025 from the Legal Affairs Management (GAL).

CONSIDERING:

That Article 306 of the Political Constitution of the State establishes that the Bolivian economic model is plural and oriented towards improving the quality of life and the good living of all Bolivians.

That Paragraph I of Article 326 of the Political Constitution of the State determines that the State through the Executive Branch will determine the objectives of the country's monetary and exchange rate policy in coordination with the BCB.

That Article 327 of the Fundamental Law establishes that the BCB is a public law institution, with legal personality and its own assets, and 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 1 of Law No. 1670 establishes that the Central Bank of Bolivia is a State institution, of public law, of an autonomous nature, of indefinite duration, with its own legal personality and assets and with legal domicile in the city of La Paz, being the sole monetary and exchange rate authority of the country, with administrative, technical and financial competence and specialized normative faculties of general application, in the manner and with the scope established in the Law.

That subsection b) of Article 22 of the aforementioned Law provides that the Central Bank of Bolivia may not grant credit to the Public Sector nor incur contingent liabilities in its favor and may exceptionally do so in favor of the National Treasury with the favorable vote of two-thirds of the members present at a meeting of its Board of Directors, to attend to temporary liquidity needs within the limits of the monetary program.

That Article 23 of Law No. 1670 determines that the operations provided for in Article 22 will be documented in all cases through negotiable public debt securities

“2025 BICENTENNIAL OF BOLIVIA”

---

//3. B.D. No. 080/2025

BOARD OF DIRECTORS

issued by the National Treasury, which in the case provided for in subsection b), will have a maximum term of one year.

That Article 44 of the aforementioned legal body states that the Board of Directors is responsible for defining its policies, specialized norms of general application and internal norms; as well as establishing administrative, operational and financial strategies, approving their respective short and medium-term programs.

That subsections a) and j) of Article 54 of the aforementioned Law indicate as attributions of the Board of Directors of the BCB to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies and faculties assigned to it by the Law, as well as to fix the interest rate of the credits granted by the BCB.

That Article 57 of Law No. 1670 states that the President is the first executive authority of the Institution. Therefore, he is responsible for directing and supervising the work conducive to the formulation of policies and specialized norms of general application and the definition of administrative, operational and financial strategies of the BCB.

That subsection e) of Article 59 of Law No. 1670 provides as one of the attributions of the President of the BCB to exercise the legal representation of the BCB, without prejudice to his powers of delegation according to said Law.

That Article 7 of the Regulation for the Contracting of Liquidity Credits approved by Ministerial Resolution No. 021/2023 regulates the negotiation and contracting of credits requested by said State Portfolio.

That the Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670, has the object of regulating Articles 22 and 23 of Law No. 1670, which establish the requirements and procedures for the approval of credits to the Public Sector.

That said Regulation, in its Article 10, establishes the requirements for the consideration of the credit for temporary liquidity needs.

“2025 BICENTENNIAL OF BOLIVIA”

---

//4. B.D. No. 080/2025

BOARD OF DIRECTORS

That Article 11 of the aforementioned Regulation states that upon receipt of the credit request and the documentation established in Article 10, prior to consideration by the Board of Directors, the President of the BCB will request: i) technical report from the GOM specifying the outstanding debt balance as of the date of the request, future payment maturities of the TGN to the BCB and suitability of the public value offered to back the operation; ii) report to the GAL regarding compliance with regulations and presentation of the required documentation; iii) report to the APEC considering the impact of said credit on the monetary program that is part of the Execution Decision of the Fiscal-Financial Program that the highest authorities of the Central Bank of Bolivia and the Ministry of Economy and Public Finance sign annually.

That Article 12 of the mentioned Regulation establishes the financial conditions, where the Board of Directors will fix the interest rates and the term considering, as a reference, the prevailing public security yields in the market in any of the two currencies, in relation to the credit request of the Ministry of Economy and Public Finance.

That Article 13 of the aforementioned Regulation provides that the Board of Directors of the BCB will consider the reports presented by the areas, and if appropriate, approve the credit through the favorable vote of two-thirds of its members present at a Board of Directors session and for this effect will issue an express Resolution.

That Article 14 of the mentioned Regulation establishes that the Board of Directors Resolution will approve the granting of the Credit and the Public Credit Contract between the Ministry of Economy and Public Finance and the Central Bank of Bolivia.

That subsections 1) and 10) of Article 10 of the BCB Statute establish that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies and faculties assigned to it by the Law, as well as to approve by two-thirds of the votes, of the members present, the Credits to the General Treasury of the Nation to attend to temporary liquidity needs, within the limits of the Monetary Program.

“2025 BICENTENNIAL OF BOLIVIA”

---

//5. B.D. No. 080/2025

BOARD OF DIRECTORS

That Articles 26 and subsection 13) of Article 34 of the BCB Statute determine that every draft Board of Directors Resolution must be motivated and justified by a technical report from the Management or Managements to which the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be issued to the Board of Directors through the General Management with its recommendation. Likewise, among the attributions of the President of the BCB is that of signing the contracts that the BCB concludes.

That the Execution Decision of the 2025 Fiscal-Financial Program establishes the amount for Liquidity Credits in favor of the TGN for the 2025 management.

That the Ministry of Economy and Public Finance through note MEFP/VTCP/DGCP/UEPS/N° 299/2025, within the framework of subsection b) of Article 22 of Law No. 1670, requests the granting of a liquidity credit with the following characteristics: i) amount and currency Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos), ii) term: 1 year, iii) principal payment: at maturity, iv) interest payment: at maturity, v) backing value: Negotiable Treasury Bonds. To this effect, in compliance with what is established in the “Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670”, it sends the payment plan, disbursement schedule and monthly cash flow of the TGN projected, including repayments to the BCB.

That the report BCB-GOM-SOSP-DCE-INF-2025-52 from the GOM concludes that the request of the Ministry of Economy and Public Finance for a Liquidity Credit to the General Treasury of the Nation for the 2025 management for an amount of Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos), is framed within what is established in the Regulation for the Approval of Credits to the Public Sector, approved via Board Resolution No. 110/2019 and recommends that the Board of Directors of the BCB approve the financial conditions of the credit detailed in the aforementioned technical report.

That the report BCB-APEC-SMF-INF-2025-39 from the APEC concludes that the Monetary Program and PFF2025 approved in point 1 of Act No. 07/2025 dated 31.01.25, the “Execution Decision of the 2025 Fiscal-Financial Program” and the “Schedule of the BCB liquidity credit to the TGN 2025” contemplate a Liquidity Credit of up to Bs2,000 million in the month of July of the current year, so the request of the MEFP made through note MEFP/VTCP/DGCP/UESP/N°299/2025 dated 20.06.25 is within

“2025 BICENTENNIAL OF BOLIVIA”

---

//6. B.D. No. 080/2025

BOARD OF DIRECTORS

what is foreseen; therefore, it recommends to the Board of Directors of the BCB to approve the Liquidity Credit requested by the MEFP.

That the report BCB-GAL-SANO-DLBCI-INF-2025-193 from the GAL concludes that the credit request to the public sector to attend to temporary liquidity needs, made by the Ministry of Economy and Public Finance through Note MEFP/VTCP/DGCP/UEPS/N° 299/2025 of June 20, 2025, is legally procedent and is framed within what is provided for in subsection b) of Article 22 of Law No. 1670, considering what is stated in the Reports BCB-APEC-SMF-INF-2025-39 from the APEC and BCB-GOM-SOSP-DCE-INF-2025-52 from the GOM. Likewise, it is established that the Ministry of Economy and Public Finance has complied with the presentation of the documentation required in the Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670 approved via Board Resolution No. 110/2019 recommending its consideration by the Board of Directors of the BCB, for its approval with the favorable vote of at least two-thirds of the members present, through an express Resolution and authorization to the President of the BCB for the signing of the respective Contract.

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

Article 1.- Within the framework of what is established in subsection b) of Article 22 and Article 23 of Law No. 1670 and in accordance with the Monetary Program and the Execution Decision of the 2025 Fiscal-Financial Program, approve the granting of a Liquidity Credit in favor of the TGN – Management 2025, represented by the Ministry of Economy and Public Finance, under the following terms and conditions:

Amount:	Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos).
Currency:	Bolivianos.
Term (*):	1 year.
Interest Rate:	6.00% annual.
Payment Frequency:	Annual for principal and interest.
Guarantee:	Negotiable Treasury Bond – Amortizable.

“2025 BICENTENNIAL OF BOLIVIA”

---

//7. B.D. No. 080/2025

BOARD OF DIRECTORS

(*) The term is calculated from the first disbursement

Article 2.- Authorize the Acting President of the BCB to sign the Contract with the Ministry of Economy and Public Finance under the terms of this Resolution.

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

La Paz, June 24, 2025

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

“2025 BICENTENNIAL OF BOLIVIA”