Board Resolution No. 086/2026

BOARD

BOARD RESOLUTION NO. 86/2026

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – ECONOMIC POLICY ADVISORY – MODIFY THE REGULATIONS FOR LIQUIDITY CREDITS TO THE PRODUCTIVE DEVELOPMENT BANK MIXED SOCIETY ANONYMUS.

HAVING SEEN:

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.

Board Resolution No. 95/2022 of October 6, 2022, which approves the Statute of the BCB.

Board Resolution No. 7/2021 of January 11, 2021, which approves the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus and its modifications.

The Liquidity Credit Granting Contract SANO No. 1/2021 signed on January 12, 2021, between the BCB and the Banco de Desarrollo Productivo – Mixed Society Anonymus (BDP – S.A.M.) and its modifications.

The report BCB-GEF-SASF-DAN-INF-2026-10 dated June 19, 2026, issued jointly by the Financial Entities Management (GEF) and the Economic Policy Advisory (APEC).

The report BCB-GAL-SANO-DLBCI-INF-2026-153 dated June 19, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its article 30 states that all entities of the financial intermediation and financial services system, whose operation is authorized by the Superintendence of Banks and Financial Entities, currently the Financial System Supervision Authority (ASFI), are subject to the regulatory competence of the BCB.

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That articles 44 and the letters a), o), and q) of article 54 of Law No. 1670 establish that the Board of Directors of the BCB is its highest authority responsible for defining its policies, specialized regulations of general application, and internal rules, with the powers to issue norms and adopt general decisions necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by 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 necessary for the fulfillment of its functions.

That Law No. 393 in letter a) of its article 179 determines that the Banco de Desarrollo Productivo Mixed Society Anonymus (BDP – S.A.M.) has among its functions, within the framework of its first and second-tier activities, the provision of financial and non-financial services to the different actors of the plural economy, either directly or through third parties.

That said 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 Issuing Entity, in accordance with 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 its article 2, provides that the BDP - S.A.M., in order to channel liquidity resources to DFIs and SCCs, may request credits from the 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 from Financial Statements and/or cash flow projections provided by the DFIs and SCCs.

That items 1), 9), and 30) of article 10 of the BCB Statute establish that the Board of Directors of the Issuing Entity has the powers to approve general decisions and issue norms necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by Law, as well as to approve by absolute majority of votes, liquidity credits with terms of up to 90 days, renewable, to financial intermediation entities, and to approve, modify, and interpret BCB Regulations, by two-thirds of the votes of all its members, without the need for an additional administrative act. In items 4) and 13) of its article 34, it determines that the President of the BCB has the

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powers to exercise the legal representation of the BCB without prejudice to the powers of delegation and to sign the contracts and agreements entered into by the Bank, being able to expressly delegate this faculty.

That articles 5 and 7 of the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus establish 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 21 times each, with the cancellation of interest required for each renewal and the conditions for disbursement and cancellation of credits.

That the Liquidity Credit Granting Contract SANO No. 1/2021 signed between the BCB and the BDP – S.A.M. stipulates, among other things, the conditions for the disbursement and renewal of the liquidity credit operations granted, as well as the validity of the contract.

CONSIDERING:

That through the report BCB-GEF-SASF-DAN-INF-2026-10, the GEF and APEC recommend to the BCB Board of Directors to modify the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus, in order to expand from 21 to 25 the number of permitted renewals of operations with this entity and establish a payment schedule, considering the current economic situation and the application of recent regulations issued for the relief of borrowers affected by the situation of social conflict in the country, as well as to authorize the Acting President of the BCB to sign the corresponding modifying contract to the contract signed with BDP S.A.M.

That through the report BCB-GAL-SANO-DLBCI-INF-2026-153, the GAL concludes that the modification of articles 5 and 7 of the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus is legally viable as it does not violate the current legal framework, therefore, it corresponds to the BCB Board of Directors to approve it and authorize the President to sign the modifying contract with the BDP – S.A.M. in accordance with what is established in article 54 letters a), o), and q) and article 59 letter e) of Law No. 1670 and items 1), 9), and 30) of article 10 and items 4) and 13) of article 34 of the BCB Statute.

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

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Article 1.- Modify article 5 (Term) of the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus, as follows:

SAYS:

"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, with the cancellation of interest required for each renewal."

SHOULD SAY:

"Article 5. (Term)

The term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed up to a maximum of 25 (twenty-five) times each, with the cancellation of interest required for each renewal and proceeding solely for credit operations channeled in favor of DFIs or SCCs that do not have sanctions for non-compliance with BCB regulations at the time of requesting the renewal and during the validity of the operation. In case of renewal, the liquidity credit is subject to the payment schedule established in paragraph IV of article 7."

Article 2.- Modify article 7 (Disbursement and Cancellation) of the Regulations for Liquidity Credits to the Banco de Desarrollo Productivo Mixed Society Anonymus, with the following text:

SAYS:

"Article 7 (Disbursement and Cancellation)

I. Once the contract is signed between the BCB and the BDP-S.A.M., disbursements and cancellations will be carried out through individual liquidity credit requests, which must be presented in writing by the BDP-S.A.M. to the BCB for each request in response to the liquidity credit request made by the Beneficiary Entities, which must be attached to the respective liquidity credit request.

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II. The BCB will disburse the funds by crediting the Current and/or Reserve Account of the BDP-S.A.M. at the BCB.

III. The BDP-S.A.M. may prepay the liquidity credits, for which it must credit to its Current and Reserve Account at the BCB the amount to be cancelled.

IV. Upon expiration of the term of each liquidity credit operation, the BDP-S.A.M. must credit to its Current and Reserve Account at the BCB the amount to be cancelled."

SHOULD SAY:

"Article 7 (Disbursement and Cancellation)

I. Disbursements will be subject to what is provided in the signed contract.

II. The BDP-S.A.M. will cancel the liquidity credit operations in accordance with the signed contract, authorizing the debit of the corresponding amount from its Current and Reserve Account at the BCB, for which purpose, the BDP-S.A.M. must credit the necessary resources for such end.

III. The BDP-S.A.M. may prepay the liquidity credits, for which it must credit to its Current and Reserve Account at the BCB the amount to be cancelled.

IV. The disbursed, active, and renewed liquidity credit operations must be cancelled in accordance with the following schedule:

a) By December 30, 2026, at least the amount equivalent to one-third (1/3) of the capital balance owed as of the payment date.

b) By March 30, 2027, at least the accumulated amount equivalent to two-thirds (2/3) of the capital balance owed as of the payment date provided in the previous letter.

c) By June 29, 2027, the entire capital balance owed corresponding to the active liquidity credit operations."

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Article 3.- The availability of the credit granted to the Banco de Desarrollo Productivo – Mixed Society Anonymus is permanently suspended, with no new disbursements being admitted. This suspension does not imply the early termination of ongoing or renewed operations.

Article 4.- The provisions contained in this Resolution will enter into force from the date of its publication.

Article 5.- The Acting President of the BCB is authorized to sign the Modifying Contract with the Banco de Desarrollo Productivo – Mixed Society Anonymus.

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

La Paz, June 23, 2026

David Iván Espinoza Torrico
ACTING PRESIDENT

Claudia Haydee Pacheco Ayala
ACTING DIRECTOR

Dennise Sussan Martin Alarcón
ACTING DIRECTOR

Walter Fernando Orellana Rocha
ACTING DIRECTOR

Álvaro Alfonso Romero Villavicencio
ACTING DIRECTOR