Board Resolution No. 089/2026

DIRECTORIO
RESOLUTION OF THE BOARD OF DIRECTORS NO. 89/2026 SUBJECT: ECONOMIC POLICY ADVISORY - FINANCIAL ENTITIES MANAGEMENT - MODIFY THE LEGAL RESERVE REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES.

VIEWED:
The Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
The Law No. 393 of August 21, 2013 on Financial Services and its modifications.
Board Resolution No. 76/2022 of August 26, 2022, which approves the Legal Reserve Regulation for Financial Intermediation Entities and its modifications.
Board Resolution No. 88/2026 of June 26, 2026, which approves the BCB's Foreign Exchange Operations Regulation.
Board Resolution No. 85/2026 of June 23, 2026, which approves the BCB Statute.
The report BCB-APEC-SPMEE-INF-2026-21 of June 26, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).
The report BCB-GAL-SANO-DLBCI-INF-2026-157 of June 26, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
That Law No. 1670 in its article 1 provides that the BCB is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative powers of general application. In its article 3, it determines that the BCB will formulate general application policies in monetary, exchange, and payment system matters to fulfill its object.

That the aforementioned Law, in its article 7, establishes that the BCB may establish legal reserves of mandatory compliance by Banks and Financial Intermediation Entities. Their composition, amount, method of calculation, characteristics, and remuneration shall be established by the Board of the Bank, by an absolute majority of votes. The control and supervision of the legal reserve shall correspond to the current Financial System Supervision Authority (ASFI). In its article 37, it determines that the BCB will be the custodian of the liquid reserves destined to cover the legal reserve and attend to the payment system and other operations with the BCB of Financial Intermediation Entities subject to the authorization and control of ASFI.

That Law No. 1670, in its article 44, provides that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized norms of general application, and internal rules; as well as establishing administrative, operational, and financial strategies of the Issuing Entity, approving their respective short and medium-term programs. In subsections a), i), and o) of its article 54, it establishes that the Board has the authority to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; fix and regulate the administration of the legal reserve to which banks and other financial entities must adhere, disposing of measures for its compliance; as well as 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 Law No. 393 in paragraph 1 of its article 426 provides that Financial Intermediation Entities must always have adequate liquidity levels to guarantee the continuity of their operations and the timely fulfillment of their obligations.

That the Legal Reserve Regulation for Financial Intermediation Entities in its article 1, establishes that its object is to fix and regulate the administration of the legal reserve and the resources resulting from its modification, in order to have instruments of monetary regulation and preservation of financial system stability. In its article 2, it provides that all Financial Intermediation Entities, authorized for their operation by ASFI, are subject to the provisions of this Regulation.

That the Foreign Exchange Operations Regulation in its article 1 establishes that its object is to establish the procedures for the determination of the Official Exchange Rate (TCO) of the Bolivian with respect to the United States dollar (USD).

That the BCB Statute, in its articles 6 and 7, establishes that the BCB has normative competence and that the norms it issues will be approved by Resolution of its Board of Directors. In numerals 1), 6), and 22) of its article 11, it determines that the Board has the authority to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; establish legal reserves of mandatory compliance by financial intermediation entities by an absolute majority of votes and approve their composition, amount, calculation, characteristics, forms of administration, custody, and remuneration, as well as 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.

CONSIDERING:
That through report BCB-APEC-SPMEE-INF-2026-21, APEC and GEF conclude that the proposal to modify the Legal Reserve Regulation for Financial Intermediation Entities is framed within the guidelines of the Executive Branch and allows for advancing the orderly and gradual return of CPVIS II, CPVIS III, and CPRO funds, constituting an important step within the process of reconducting monetary policy and abandoning the current exchange regime.

That through report BCB-GAL-SANO-DLBCI-INF-2026-157, GAL concludes that from the analysis carried out and in attention to the antecedents sent by APEC and GEF, it is legally viable to modify the Legal Reserve Regulation for Financial Intermediation Entities, 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 is established in article 54 subsections a), i), and o) of Law No. 1670, and article 11 numerals 1), 6), and 22) of the BCB Statute.

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

Article 1.- Modify article 18 (Deposits in Other Currencies) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

Article 18 (Deposits in Other Currencies).
SAYS:
For deposits captured in other currencies, other than the Bolivian and the United States dollar, the reserve shall be constituted in its equivalent in United States dollars, at the reference buy exchange rate issued daily by the BCB.
SHOULD SAY:
For deposits captured in other currencies, other than the Bolivian and the United States dollar, the reserve shall be constituted in its equivalent in United States dollars, at the Official Exchange Rate (TCO) of the day of the operation issued daily by the BCB.

Article 2.- Modify article 30 (Constitution of the Fund for Credits destined to the Productive Sector and Social Interest Housing II) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

SAYS:
"Article 30 (Constitution of the Fund for Credits destined to the Productive Sector and Social Interest Housing II).
The Fund for Credits destined to the Productive Sector and Social Interest Housing II (CPVIS II Fund) is constituted in foreign currency (CPVIS II Fund-FC) with the available resources resulting from modifications to the Legal Reserve rates in force since April 30, 2018, and subsequent voluntary contributions, and in national currency (CPVIS II Fund-NC) with the resources that Financial Intermediation Entities designate to substitute the foreign currency guarantee of liquidity loans in force in the fund, from April 8, 2024. FIEs can make voluntary contributions to the CPVIS II Fund until February 2, 2026, only with FC resources deposited in the BCB account in its correspondent bank abroad. FIEs can request the BCB for the partial or total return of their participation in the CPVIS II Fund that is not guaranteeing liquidity credits in NC. Alternatively, FIEs can sell the resources that are not guaranteeing liquidity loans in NC to the BCB in accordance with what is established in the Foreign Exchange Operations Regulation."

SHOULD SAY:
"Article 30 (Constitution of the Fund for Credits destined to the Productive Sector and Social Interest Housing II).
The Fund for Credits destined to the Productive Sector and Social Interest Housing II (CPVIS II Fund) is constituted in foreign currency (CPVIS II Fund-FC) with the available resources resulting from modifications to the Legal Reserve rates in force since April 30, 2018, and subsequent voluntary contributions, and in national currency (CPVIS II Fund-NC) with the resources that Financial Intermediation Entities designate to substitute the foreign currency guarantee of liquidity loans in force in the fund, from April 8, 2024. FIEs can make voluntary contributions to the CPVIS II Fund until February 2, 2026, only with FC resources deposited in the BCB account in its correspondent bank abroad."

Article 3.- Modify article 31 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing II) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

SAYS:
"Article 31 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing II).
The resources of each participant in the CPVIS II Fund will serve as guarantee for the liquidity loans in NC that they request from the BCB, under the following conditions:
1) FIEs can request liquidity loans from the BCB in NC at an interest rate of 0%. These loans can be requested until February 2, 2026.
2) The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS II Fund, equivalent in NC at the prevailing buy exchange rate.
3) From July 15, 2026, according to a schedule, the BCB will return to FIEs, by crediting their current or reserve accounts, gradually, their participation in the CPVIS II Fund-FC, prior to cancellation of their liquidity loans in NC with guarantee of the CPVIS II Fund-FC by debiting their current or reserve account in NC, if applicable. The aforementioned return will be carried out according to a schedule.
In the case that an FIE does not have sufficient resources in its current or reserve account in NC to pay its liquidity loans, the BCB will compensate the balance with the CPVIS II Fund-FC at the prevailing buy exchange rate."

SHOULD SAY:
"Article 31 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing II).
The resources of each participant in the CPVIS II Fund will serve as guarantee for the liquidity loans in NC that they request from the BCB, under the following conditions:
1) FIEs can request liquidity loans from the BCB in NC at an interest rate of 0%. These loans can be requested until February 2, 2026.
2) The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS II Fund, equivalent in NC at the prevailing buy exchange rate.
3) From July 15, 2026, according to a schedule, the BCB will return to FIEs, by crediting their current or reserve accounts, gradually, their participation in the CPVIS II Fund-FC, prior to cancellation of their liquidity loans in NC with guarantee of the CPVIS II Fund-FC by debiting their current or reserve account in NC, if applicable. The aforementioned return will be carried out according to a schedule.
In the case that an FIE does not have sufficient resources in its current or reserve account in NC to pay its liquidity loans, the BCB will compensate the balance with the CPVIS II Fund-FC at the Official Exchange Rate of the day of the operation."

Article 4.- Modify article 32 (Constitution and purpose of the Fund for Credits destined to the Productive Sector and Social Interest Housing III) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

SAYS:
"Article 32 (Constitution and purpose of the Fund for Credits destined to the Productive Sector and Social Interest Housing III).
The Fund for Credits destined to the Productive Sector and Social Interest Housing III (CPVIS III Fund) is constituted with the available resources resulting from modifications to the Legal Reserve rates in force since April 8, 2019. The resources in this Fund can be used by FIEs to guarantee liquidity loans to the same FIEs.
FIEs can request the BCB for the partial or total return of their participation in the CPVIS III Fund that is not guaranteeing liquidity loans in NC, for its sale to the BCB in accordance with what is established in the Foreign Exchange Operations Regulation."

SHOULD SAY:
"Article 32 (Constitution and purpose of the Fund for Credits destined to the Productive Sector and Social Interest Housing III).
The Fund for Credits destined to the Productive Sector and Social Interest Housing III (CPVIS III Fund) is constituted with the available resources resulting from modifications to the Legal Reserve rates in force since April 8, 2019. The resources in this Fund can be used by FIEs to guarantee liquidity loans to the same FIEs."

Article 5.- Modify article 33 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing III) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

SAYS:
"Article 33 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing III).
The resources of each participant in the CPVIS III Fund will serve as guarantee for the liquidity loans in NC that they request from the BCB, under the following conditions:

1. FIEs can request liquidity loans from the BCB in NC at an interest rate of 0%. For the case of banks, these loans will have the purpose of increasing their credit portfolio destined to the productive sector and social interest housing in NC. Additionally, from September 8, 2020, banks can request these loans also to increase their credit portfolio to Savings and Credit Cooperatives (CAC) and Development Financial Institutions (DFI). These loans can be requested until February 2, 2026.
2. The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS III Fund, equivalent in NC at the prevailing buy exchange rate.
3. With information as of the end of each month, the balance of credits destined to the productive sector and social interest housing in NC of each bank will be compared with the balance of December 31, 2018, provided by ASFI. Additionally, with information as of the end of each month, the balance of credits destined to CAC and DFI in NC of each bank will be compared with the balance of August 31, 2020, provided by ASFI. If the increase, summing both differences, is less than the accumulated loans granted by the BCB, the difference will pay the interest of the NC repo rate of the evaluation date (end of each month cut). If the sum of both differences is negative, the bank will pay the interest of the NC repo rate of the evaluation date (end of each month cut) on the total balance of accumulated loans granted by the BCB, from that date until the entity has remedied the differences.
4. For the purposes of the comparison indicated in point (3) above, banks with loans guaranteed with the CPVIS III Fund must send to the BCB and ASFI information of their credits to the productive sector, to social interest housing, to CAC, and to DFI, with the character of sworn declaration, through the mechanism communicated via External Circular, at the cut date of each month, until the fifth business day of the following month.
5. In the case that a bank requires to demonstrate the fulfillment of the portfolio increase on another date that is not the end of the month to remedy the difference indicated in point (3), it must send to the BCB, with the character of sworn declaration, this information within a maximum term of five business days after the fulfillment of the portfolio increase.
6. In the case that the bank with loans guaranteed with the CPVIS III Fund does not remit information cited in the two previous points, within the established terms, the BCB will communicate the non-compliance to ASFI so that this authority applies the corresponding fines or sanctions.
7. Credits destined to the productive sector will be understood as the credit operations indicated in Article 1 of Section 2 of the Regulation for Credit Operations to the Productive Sector, contained in the Compilation of Norms for Financial Services of ASFI.
8. From July 15, 2026, according to a schedule, the BCB will return to FIEs, by crediting their current or reserve accounts, gradually, their participation in the CPVIS III Fund, prior to cancellation of their liquidity loans in NC with guarantee of the CPVIS III Fund by debiting their current or reserve account in NC if applicable. In the case that an FIE does not have sufficient resources in its current or reserve account in NC to pay its liquidity loans, the BCB will compensate the difference with its participation in the CPVIS III Fund at the prevailing buy exchange rate."

SHOULD SAY:
"Article 33 (Liquidity Loans in NC with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing III).
The resources of each participant in the CPVIS III Fund will serve as guarantee for the liquidity loans in NC that they request from the BCB, under the following conditions:

1. FIEs can request liquidity loans from the BCB in NC at an interest rate of 0%. For the case of banks, these loans will have the purpose of increasing their credit portfolio destined to the productive sector and social interest housing in NC. Additionally, from September 8, 2020, banks can request these loans also to increase their credit portfolio to Savings and Credit Cooperatives (CAC) and Development Financial Institutions (DFI). These loans can be requested until February 2, 2026.
2. The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS III Fund, equivalent in NC at the prevailing buy exchange rate.
3. With information as of the end of each month, the balance of credits destined to the productive sector and social interest housing in NC of each bank will be compared with the balance of December 31, 2018, provided by ASFI. Additionally, with information as of the end of each month, the balance of credits destined to CAC and DFI in NC of each bank will be compared with the balance of August 31, 2020, provided by ASFI. If the increase, summing both differences, is less than the accumulated loans granted by the BCB, the difference will pay the interest of the NC repo rate of the evaluation date (end of each month cut). If the sum of both differences is negative, the bank will pay the interest of the NC repo rate of the evaluation date (end of each month cut) on the total balance of accumulated loans granted by the BCB, from that date until the entity has remedied the differences.
4. For the purposes of the comparison indicated in point (3) above, banks with loans guaranteed with the CPVIS III Fund must send to the BCB and ASFI information of their credits to the productive sector, to social interest housing, to CAC, and to DFI, with the character of sworn declaration, through the mechanism communicated via External Circular, at the cut date of each month, until the fifth business day of the following month.
5. In the case that a bank requires to demonstrate the fulfillment of the portfolio increase on another date that is not the end of the month to remedy the difference indicated in point (3), it must send to the BCB, with the character of sworn declaration, this information within a maximum term of five business days after the fulfillment of the portfolio increase.
6. In the case that the bank with loans guaranteed with the CPVIS III Fund does not remit information cited in the two previous points, within the established terms, the BCB will communicate the non-compliance to ASFI so that this authority applies the corresponding fines or sanctions.
7. Credits destined to the productive sector will be understood as the credit operations indicated in Article 1 of Section 2 of the Regulation for Credit Operations to the Productive Sector, contained in the Compilation of Norms for Financial Services of ASFI.
8. From July 15, 2026, according to a schedule, the BCB will return to FIEs, by crediting their current or reserve accounts, gradually, their participation in the CPVIS III Fund, prior to cancellation of their liquidity loans in NC with guarantee of the CPVIS III Fund by debiting their current or reserve account in NC if applicable. The aforementioned return will be carried out according to a schedule. In the case that an FIE does not have sufficient resources in its current or reserve account in NC to pay its liquidity loans, the BCB will compensate the difference with its participation in the CPVIS III Fund at the Official Exchange Rate of the day of the operation."

Article 6.- Modify article 41 (Constitution of the Fund for Credits destined to the Productive Sector) of the Legal Reserve Regulation for Financial Intermediation Entities, in the following manner:

SAYS:
"Article 41. (Constitution of the Fund for Credits destined to the Productive Sector).
The Fund for Credits destined to the Productive Sector (CPRo Fund) was constituted in the BCB, in national currency (CPRo Fund-NC) with the available resources resulting from the modification of the Legal Reserve rate in NC Titles-NCDFV in force since January 10, 2022, and the modification of the Legal Reserve rate in NC Titles-NCDFV in force since December 12, 2022; and in foreign currency (CPRo Fund-FC) with the available resources resulting from the modification of the Legal Reserve rate in"

5^.
DIRECTORIO
//12. R.D. N° 89/2026
Titles in ME-MVDOL effective from January 10, 2022 and the modification of the Legal Reserve rate in ME-MVDOL titles effective from December 12, 2022: in addition to the voluntary contributions of EIFs in foreign currency and deposited in the BCB account at its correspondent bank abroad, made from January 18, 2022 to December 30, 2025.
Likewise, it will be constituted in foreign currency (Fondo CPRO-ME) with seventy percent (70%) of the resources of the FIUSEER-ME that are not guaranteeing liquidity loans with the BCB as of April 3, 2023 and seventy-five percent (75%) of the resources of the FIUSEER-ME that are not guaranteeing liquidity loans with the BCB as of April 24, 2023. It will be constituted in national currency (Fondo CPRO-MN) by ninety-five (95%) of the resources of the FIUSEER-MN that are not guaranteeing liquidity loans with the BCB as of April 24, 2023. EIFs may request the BCB for the partial or total return of their participation in the CPRO-ME that is not guaranteeing liquidity loans in national currency, for their sale to the BCB in accordance with what is established in the Foreign Exchange Operations Regulation.

SHOULD READ:
"Article 41.- (Constitution of the Fund for Credits destined for the Productive Sector).
The Fund for Credits destined for the Productive Sector (Fondo CPRO) was constituted in the BCB, in national currency (Fondo CPRO-MN) with the available resources resulting from the modification of the Legal Reserve rate in Titles in MN-MNUFV effective from January 10, 2022 and the modification of the Legal Reserve rate in Titles in MNUFV effective from December 12, 2022; and in foreign currency (Fondo CPRO-ME) with the available resources resulting from the modification of the Legal Reserve rate in Titles in ME-MVDOL effective from January 10, 2022 and the modification of the Legal Reserve rate in titles in ME-MVDOL effective from December 12, 2022; in addition to the voluntary contributions of EIFs in foreign currency and deposited in the BCB account at its correspondent bank abroad, made from January 18, 2022 to December 30, 2025. Likewise, it will be constituted in foreign currency (Fondo CPRO-ME) with seventy percent (70%) of the resources of the FIUSEER-ME that are not guaranteeing liquidity loans with the BCB as of April 3, 2023 and seventy-five percent (75%) of the resources of the FIUSEER-ME that are not guaranteeing liquidity loans with the BCB as of April 24, 2023. It will be constituted in national currency (Fondo CPRO-MN) by ninety-five (95%) of the resources of the FIUSEER-MN that are not guaranteeing liquidity loans with the BCB as of April 24, 2023."

DIRECTORIO
//13. R.D. N° 89/2026 with the BCB as of April 24, 2023. It will be constituted in national currency (Fondo CPRO-MN) by ninety-five (95%) of the resources of the FIUSEER-MN that are not guaranteeing liquidity loans with the BCB as of April 24, 2023."

Article 7.- Modify Article 42 (Loans in National Currency with Guarantee of the Fund for Credits destined for the Productive Sector) of the Legal Reserve Regulation for Financial Intermediation Entities, as follows:
SAYS:
"Article 42.- (Loans in National Currency with Guarantee of the Fund for Credits destined for the Productive Sector).
The resources of each participant in the CPRO Fund will serve as guarantee for the loans in national currency that they request from the BCB, under the following conditions:

1. EIFs may request loans in national currency from the BCB at an interest rate of 0%.
   These loans will have the following purpose according to the type of entity:
   a) In the case of banks, the loans guaranteed with the CPRO Fund will have the purpose of increasing their portfolio of national currency credits destined for the productive sector. b) In the case of EFVs, the loans guaranteed with the CPRO Fund will have the purpose of increasing their social interest housing portfolio. c) In the case of CACs and IFDs, the loans guaranteed with the CPRO Fund must be destined to their portfolio of national currency credits, with a participation of the productive sector not less than 50%.
2. Loans may be requested until December 30, 2025.
3. The maximum amount of accumulated loans will be the participation amount of each EIF in the CPRO Fund, equivalent in national currency to the prevailing buying exchange rate.

DIRECTORIO
//14. R.D. N° 89/2026
4. Monthly, the BCB will compare the amount of loans granted to each EIF with the guarantee of their participation in the CPRO Fund, with the increase in the balance of credits disbursed by said entities in national currency with respect to December 31, 2021, as established in numeral 1 of this Article. If the increase is less than the accumulated loans granted by the BCB, the difference will pay the prevailing national currency repo interest rate on the evaluation date of each end of month, from that date until the entity has remedied that difference.
5. For the purposes of the comparison indicated in numeral 4 of this Article, EIFs with loans guaranteed with the CPRO Fund must send to the BCB and the ASFI, under sworn declaration, through the mechanism communicated via External Circular, information on their credits, as established in numeral 1 of this Article. The cut-off will be performed at the end of each month, until the fifth business day of the following month. The included information must not consider credits reported in other sworn declarations (Fondos CP VIS III, CAPROSEN and FIUSEER).
6. In case an EIF requires demonstrating compliance with the portfolio increase on another date that is not the end of the month to remedy the difference indicated in numeral 4 of this Article, it must send this information to the BCB, under sworn declaration, within a maximum period of five business days after compliance with the portfolio increase.
7. In case the EIF with loans guaranteed with the CPRO Fund does not submit the information cited in the previous numerals within the established deadlines, the BCB will communicate the non-compliance to the ASFI so that this authority applies the corresponding fines or sanctions.
8. Credits destined for the productive sector will be understood as the credit operations established in numeral 7 of Article 33 of this Regulation.
9. Starting from July 15, 2026, according to a schedule, the BCB will return to EIFs, by crediting their current or reserve accounts, gradually, their participation in the CPRO-ME Fund, prior to the cancellation of their national currency liquidity loans with the guarantee of the CPRO-ME Fund by debiting their current or reserve accounts in national currency if applicable. In the case that an EIF does not have sufficient resources in its current or reserve account in national currency to pay its loans, the BCB will compensate the balance with its participation in the CPRO-ME Fund at the prevailing buying exchange rate."

DIRECTORIO
//15. R.D. N° 89/2026 current or reserve accounts in national currency if applicable. In the case that an EIF does not have sufficient resources in its current or reserve account in national currency to pay its loans, the BCB will compensate the balance with its participation in the CPRO-ME Fund at the prevailing buying exchange rate."

SHOULD READ:
"Article 42.- (Loans in National Currency with Guarantee of the Fund for Credits destined for the Productive Sector).
The resources of each participant in the CPRO Fund will serve as guarantee for the loans in national currency that they request from the BCB, under the following conditions:

1. EIFs may request loans in national currency from the BCB at an interest rate of 0%.
   These loans will have the following purpose according to the type of entity:
   a) In the case of banks, the loans guaranteed with the CPRO Fund will have the purpose of increasing their portfolio of national currency credits destined for the productive sector. b) In the case of EFVs, the loans guaranteed with the CPRO Fund will have the purpose of increasing their social interest housing portfolio. c) In the case of CACs and IFDs, the loans guaranteed with the CPRO Fund must be destined to their portfolio of national currency credits, with a participation of the productive sector not less than 50%.
2. Loans may be requested until December 30, 2025.
3. The maximum amount of accumulated loans will be the participation amount of each EIF in the CPRO Fund, equivalent in national currency to the prevailing buying exchange rate.
4. Monthly, the BCB will compare the amount of loans granted to each EIF with the guarantee of their participation in the CPRO Fund, with the increase in the balance of credits disbursed by said entities in national currency with respect to December 31, 2021, as established in numeral 1 of this Article. If the

DIRECTORIO
//16. R.D. N° 89/2026 increase is less than the accumulated loans granted by the BCB, the difference will pay the prevailing national currency repo interest rate on the evaluation date of each end of month, from that date until the entity has remedied that difference.
5. For the purposes of the comparison indicated in numeral 4 of this Article, EIFs with loans guaranteed with the CPRO Fund must send to the BCB and the ASFI, under sworn declaration, through the mechanism communicated via External Circular, information on their credits, as established in numeral 1 of this Article. The cut-off will be performed at the end of each month, until the fifth business day of the following month. The included information must not consider credits reported in other sworn declarations (Fondos CP VIS III, CAPROSEN and FIUSEER).
6. In case an EIF requires demonstrating compliance with the portfolio increase on another date that is not the end of the month to remedy the difference indicated in numeral 4 of this Article, it must send this information to the BCB, under sworn declaration, within a maximum period of five business days after compliance with the portfolio increase.
7. In case the EIF with loans guaranteed with the CPRO Fund does not submit the information cited in the previous numerals within the established deadlines, the BCB will communicate the non-compliance to the ASFI so that this authority applies the corresponding fines or sanctions.
8. Credits destined for the productive sector will be understood as the credit operations established in numeral 7 of Article 33 of this Regulation.
9. Starting from July 15, 2026, according to a schedule, the BCB will return to EIFs, by crediting their current or reserve accounts, gradually, their participation in the CPRO-ME Fund, prior to the cancellation of their national currency liquidity loans with the guarantee of the CPRO-ME Fund by debiting their current or reserve accounts in national currency if applicable. In the case that an EIF does not have sufficient resources in its current or reserve account in national currency to pay its loans, the BCB will compensate the balance with its participation in the CPRO-ME Fund at the official exchange rate of the day of the operation."

DIRECTORIO
//17. R.D. N° 89/2026
Article 8.- Modify the First Transitional Provision of the Legal Reserve Regulation for Financial Intermediation Entities, as follows:
SAYS:
"EIFs, voluntarily, may make early payments of the national currency liquidity loans corresponding to the CPVIS II-ME, CPVIS III, FIUSEER-ME and CPRO-ME Funds; in such a way that the foreign currency resources released from the loan guarantee are destined for their sale to the BCB, in accordance with what is established in the Foreign Exchange Operations Regulation."
SHOULD READ:
"To comply with the exchange position limits recorded on the date of publication of this Regulation, exceptionally, IFDs and BDP may make early payments of the national currency liquidity loans corresponding to the CPVIS II, CPVIS III and CPRO Funds, in such a way that the foreign currency resources released from the loan guarantee are destined for their sale to the BCB at the official exchange rate. Likewise, they may request the liquidation of their guarantees in the CPVIS II, CPVIS III and CPRO Funds at the official exchange rate."

Article 9.- For the purpose of compliance with existing contracts with financial entities, without the need for signing a modifying contract, the Official Exchange Rate (TCO) of the day of the operation will be applied, being sufficient the official communication of the BCB for its implementation.

Article 10.- The modifications to the Legal Reserve Regulation for Financial Intermediation Entities will enter into force from the publication of this resolution.

Article 11.- The Presidency and the General Management are entrusted with the execution and compliance of this Resolution.

La Paz, June 26, 2026

DIRECTORIO
//18. R.D. N° 89/2026
David Iván Espinoza Torrico
PRESIDENT a.i.
Claudia Haydee Pacheco Ayala
DIRECTOR a.i.
Walter Fernando Orellana Rocha
DIRECTOR a.i.
Dennise Sussan Martin Alarcón
DIRECTOR a.i.
Alvaro Alfonso Romero Villavicencio
DIRECTOR a.i.