Board Resolution No. 090/2025

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 090/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT – MODIFY THE REGULATIONS OF THE OPEN MARKET OPERATIONS COMMITTEE.

VIEWED:

Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.

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

The Regulations of the Open Market Operations Committee approved by Board Resolution No. 018/2023 of January 25, 2023.

The Open Market Operations Regulations approved by Board Resolution No. 040/2024 of March 26, 2024.

The report BCB-GOM-SOMA-INF-2025-103 of July 9, 2025, issued by the Monetary Operations Management (GOM).

The report BCB-GAL-SANO-DLBCI-INF-2025-225 of July 9, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its Articles 3 and 6 provides that the BCB formulates policies of general application in monetary matters to fulfill its objective, for which, through Article 6, the BCB is authorized to execute monetary policy and regulate the quantity of money and the volume of credit according to its monetary program, being able to issue, place, and acquire securities and carry out other open market operations, such as all repo operations.

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That Article 44 of Law No. 1670 of the BCB establishes that the highest authority of the Central Bank of Bolivia is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application, and internal rules; as well as establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs.

That the aforementioned Law, in letters a), d), and o) of Article 54, establishes that the attributions of the BCB Board of Directors include issuing norms and adopting general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; issuing norms for the Open Market Operations carried out by the BCB; as well as approving, modifying, and interpreting the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for any additional administrative act.

That items 1) and 3) of Article 5 of the BCB Statute provide that its Board of Directors has normative competence to issue specialized norms in the fields assigned by Law and technical competence for the formulation of policies and the application of instruments that allow it to fulfill its purpose.

That items 1), 5), and 30) of Article 10 of the BCB Statute determine, as attributions of the Board of Directors, to approve general decisions and issue the norms necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; to approve the policy and norms for Open Market Operations, as well as to monitor their execution; in addition to approving, modifying, and interpreting 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 Paragraph I of Article 24 provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of its members present in a meeting, except in cases where Law No. 1670 or this Statute require qualified majorities.

That Paragraphs I and II of Article 26 of the BCB Statute stipulate that the Board of Directors pronounces itself on matters within its competence through Resolutions. It may also

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make such pronouncements through decisions that shall be expressly recorded in the Minutes. Likewise, every draft Board 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 GAL. These reports must be submitted to the Board of Directors by the General Management with its recommendation.

That Article 51 of the BCB Statute establishes that the Presidency of the Bank has the Open Market Operations Committee (COMA), whose purpose is to analyze and regulate the performance of money market operations.

That Article 7 of the Regulations of the Open Market Operations Committee establishes the attributions of the Committee regarding Open Market Operations.

That Articles 1 and 8 of the Open Market Operations Regulations establish as their object to regulate the Open Market Operations carried out by the BCB with the purpose of expanding or contracting liquidity and regulating the volume of credits, to safeguard the stability of the internal purchasing power of the currency and contribute to economic and social development, having defined the operations carried out in execution of the operations and guidelines of open market operations.

That the report BCB-GOM-SOMA-INF-2025-103 from the GOM concludes that the modification of the Regulations of the Open Market Operations Committee through the inclusion of item 6 in Article 7 will make it possible to incorporate an additional attribution for the Open Market Operations Committee that allows it to define specific conditions for participation, in public auction and cash table operations of authorized entities, in order to assist in the execution of monetary policy, recommending the BCB Board of Directors to approve it.

That the report BCB-GAL-SANO-DLBCI-INF-2025-225 from the GAL concludes that considering the report from the GOM, the proposal to modify the Regulations of the Open Market Operations Committee through the incorporation of item 6 in Article 7, has the object of making it possible to incorporate an additional attribution for the Open Market Operations Committee that allows it to define specific

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conditions for participation, in public auction and cash table operations of authorized entities, in order to assist in the execution of monetary policy, being legally viable; recommending the BCB Board of Directors to approve it.

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

Article 1.- Incorporate item 6 into Article 7 of the Regulations of the Open Market Operations Committee, approved by Board Resolution No. 018/2023 of January 25, 2023, with the following text:

“Article 7.- (Attributions of the Committee).

Attributions of the Committee:

*...

6. Establish conditions for participation, in public auction and cash table operations of authorized entities.”

Article 2.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, July 10, 2025

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