Board Resolution No. 086/2025

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BOARD OF DIRECTORS

BOARD RESOLUTION NO. 086/2025

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

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.

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 under 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/No. 321/2025 of July 3, 2025 from the Ministry of Economy and Public Finance.

The report BCB-APEC-SMF-INF-2025-41 of July 3, 2025, issued by the Economic Policy Advisory (APEC).

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The report BCB-GOM-SOSP-DCE-INF-2025-54 of July 3, 2025, issued by the Monetary Operations Management (GOM).

The report BCB-GAL-SANO-DLBCI-INF-2025-216 of July 4, 2025, issued by 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 toward improving the quality of life and vivir bien (living well) for 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, autarkic in nature, of indefinite duration, with legal personality and its own assets, 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 exceptionally may 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.

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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 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 rules; as well as establishing administrative, operational, and financial strategies, approving their respective short and medium-term programs.

That subsections a), f), 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, to approve the Annual Monetary Program and its modifications, as well as to set 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/she 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/her 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 government portfolio.

That the Regulation for the Approval of Credits to the Public Sector under 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.

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

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) a 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 the suitability of the offered public value to back the operation; ii) a report from the GAL regarding compliance with regulations and submission of the required documentation; iii) a report from 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 aforementioned Regulation establishes the financial conditions, where the Board of Directors will set interest rates and the term considering, as a reference, the prevailing public security yields in the market in either 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 by 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 aforementioned 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 items 1), 3), 4), 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, to approve the annual Monetary Program and its modifications,

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as well as to monitor its execution, as well as to authorize the President or Acting President of the BCB to sign the Fiscal-Financial Program and its modifications; in addition, to approve by two-thirds of the votes of the members present, credits to the General Treasury of the Nation to attend to temporary liquidity needs, within the limits of the Monetary Program.

That Articles 26 and items 13) and 14) 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 whom 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 celebrated by the BCB and signing the Fiscal-Financial Program prior to authorization by the Board of Directors.

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 via note MEFP/VTCP/DGCP/UEPS/No. 321/2025, under subsection b) of Article 22 of the Law of the Central Bank of Bolivia (BCB) No. 1670, of October 31, 1995, considering the temporary liquidity need of the General Treasury of the Nation (TGN) requests 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 under Law No. 1670", it submits the payment plan, disbursement schedule, and projected monthly cash flow of the TGN, including repayments to the BCB.

That the report BCB-APEC-SMF-INF-2025-41 from the APEC concludes that considering the modification of the "Schedule of the BCB Liquidity Credit to the TGN 2025", the Liquidity Credit for Bs2,000 million requested by the MEFP is within what is foreseen in the Monetary Program and the PFF2025 for the third quarter; therefore, it recommends that the Board of Directors of the BCB authorize the Acting President of the BCB to sign the "Schedule of the Liquidity

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Credit of the BCB to the TGN 2025" modified and approve the Liquidity Credit requested by the MEFP.

That the report BCB-GOM-SOSP-DCE-INF-2025-54 from the GOM concludes that the request made by the MEFP 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. The credit operation will be documented by a value represented in a Negotiable Treasury Bond - Amortizable, which will be registered by the MEFP in the Securities Market Registry of the ASFI. The payment of the Liquidity Credit is scheduled for July 2026, according to the Cash Flow of the TGN presented by the MEFP 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-GAL-SANO-DLBCI-INF-2025-216 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 via Note MEFP/VTCP/DGCP/UEPS/No. 321/2025, is legally procedent and falls within what is provided for in subsection b) of Article 22 of Law No. 1670, considering what is stated in the technical report BCB-APEC-SMF-INF-2025-41 from the APEC and the technical report BCB-GOM-SOSP-DCE-INF-2025-54 from the GOM. Likewise, it is established that the MEFP has complied with the submission of the documentation provided for in the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, approved via Board Resolution No. 110/2019 of August 27, 2019. In this sense, it corresponds that the request of the Ministry of Economy and Public Finance be submitted to the consideration of the Board of Directors of the BCB for the application of item 12.1 of Article 12 of the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, for the approval of the Liquidity Credit with the favorable vote of at least two-thirds of the members present, via express Resolution and once approved, it may authorize the Acting President of the BCB to sign the respective Contract.

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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:	6.50% annual.
Payment Frequency:	Annual for principal and interest.
Guarantee:	Negotiable Treasury Bond – Amortizable.

(*) 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 charged with the execution and compliance of this Resolution.

La Paz, July 4, 2025

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

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