BOARD OF DIRECTORS

BOARD RESOLUTION NO. 095/2022

SUBJECT: BOARD OF DIRECTORS - APPROVAL OF THE STATUTE OF THE CENTRAL BANK OF BOLIVIA (BCB).

VISTOS:

• The Political Constitution of the State, promulgated on February 7, 2009.
• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its amendments.
• The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and its amendments.
• Board Resolution No. 142/2011 of October 25, 2011.
• Board Resolution No. 075/2022 of August 26, 2022, which approves the modification of the Organizational Structure of the BCB.

CONSIDERING:

• That Article 327 of the Political Constitution of the State provides that the BCB is a public law institution, with legal personality and its own assets. 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 BCB is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets. It also establishes that it is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative powers of general application, in the manner and with the scope established in the aforementioned Law.

---

//2. B.R. No. 095/2022

• That Article 44 of Law No. 1670 establishes 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.
• That paragraph 29) of the aforementioned Article 11 of the BCB Statute states that the Board of Directors may 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 Article 90 of the BCB Statute refers to the fact that it may be modified in whole or in part, at the initiative of two or more members of the Board of Directors or at the proposal of the President. The proposed reforms will be sanctioned by two-thirds of the votes of all members of the Board of Directors, without the need for any additional administrative act.
• That through Board Resolution No. 142/2011, the creation of the Systemic Risk Analysis Committee (Committee) was approved with the purpose of evaluating the political, economic, and social situation of the country so that the President of the BCB can establish the state of alert for bank runs.
• That through Board Resolution No. 075/2022 of August 26, 2022, the modification to the Organizational Structure of the BCB was approved.
• That the Board of Directors of the BCB, based on the recommendation and in accordance with Article 90 of the Statute of the Central Bank of Bolivia, at the proposal of the President and with the consensus of the Directors, deemed it appropriate to approve the update of the BCB Statute, in accordance with current regulations.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the Statute of the Central Bank of Bolivia, in its XII Chapters and 80 articles, which as an annex forms part of this Resolution.

Article 2.- The Statute will enter into force as of October 18, 2022.

---

//3. B.R. No. 095/2022

Article 3.- Repeal, as of the signing of this Resolution, Board Resolutions No. 128/2005 of October 21, 2005, and its amendments, and Board Resolution No. 142/2011 of October 25, 2011.

Article 4.- The regulations of the committees indicated in the Statute must be drafted or updated within 30 business days, calculated from the effective date of the Statute.

Article 5.- Until the regulation of the committees is approved, the provisions of Board Resolution No. 128/2005 of October 21, 2005, and its amendments, regarding the composition and functioning of the Committees, will be applicable.

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

La Paz, October 6, 2022

SIGNED. ROGER EDWIN ROJAS ULO, Oscar Ferrufino Morro, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.

---

//4. B.R. No. 095/2022

ANNEX

STATUTE OF THE CENTRAL BANK OF BOLIVIA

CHAPTER I

GENERAL PROVISIONS

Article 1.- (Object)
The present Statute regulates the organization and activities of the BCB, in the manner and scope established by the Political Constitution of the State, the Law of the Central Bank of Bolivia No. 1670 of October 31, 1995, and other current laws.

Article 2.- (Nature)
The Central Bank of Bolivia (BCB) is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets.

Article 3.- (Function of the BCB)
It is the function of the BCB to seek the stability of the internal purchasing power of the currency, to contribute to economic and social development.

Article 4.- (Legal Domicile)
The BCB has its legal domicile in the city of La Paz, Ayacucho street corner Mercado, headquarters of its main building.

Article 5.- (Competences)
The BCB has normative, administrative, technical, and financial competence; the same are detailed below:

1) Normative, to issue specialized norms in the fields assigned to it by the Law.

---

//5. B.R. No. 095/2022

2) Administrative, to establish its own ordering, organization, and functions, in accordance with the specialized nature of the institution and within the framework of national legislation.

3) Technical, for the formulation of policies and the application of instruments that allow it to fulfill its object.

4) Financial, to formulate, approve, and execute its budget.

Article 6.- (Approval of Norms)
The norms issued by the BCB will be approved through Resolutions of its Board of Directors.

CHAPTER II

ON THE SUPERIOR DIRECTION AND EXECUTIVE LEVEL OF THE BANK

Article 7.- (Superior Direction and Executive Level of the BCB)
I. The Superior Direction is in charge of the Board of Directors.
II. The executive level of the Bank comprises:
a. Chairwoman or Chairman. b. General Manager.
c. Chief Advisor of Economic Policy.
d. Area Managers and Deputy Managers. e. Secretary of the Board of Directors. f. Department Heads.

---

//6. B.R. No. 095/2022

Article 8.- (Board of Directors)
The Board of Directors is the highest authority of the Institution. It is composed of the Chairwoman or Chairman and five Board Members designated by the President of the Plurinational State of Bolivia. The Board Members will assume office on the day of their swearing-in.

Article 9.- (Impediments and Obligations)
Before exercising their functions, each Board Member will present to the Secretary of the Board of Directors a sworn declaration of not being impeded by the causes indicated in Article 47 of Law No. 1670, nor by impediments expressly stated in the Law.

Article 10.- (Powers of the Board of Directors) Within the framework of Law No. 1670, the Board of Directors has the following powers:

1) Approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competences, and powers assigned to it by the Law.

2) Define the policies of the BCB, specialized norms of general application, and internal rules; as well as establish administrative, operational, and financial strategies of the BCB by approving its short and medium-term programs.

3) Approve the annual Monetary Program and its modifications, as well as monitor its execution.

4) Authorize the Chairwoman or Chairman of the BCB to sign the Fiscal Financial Program and its modifications; and monitor its execution.

5) Approve the policy and norms for Open Market operations, as well as monitor their execution.

6) Approve the policy and norms for the administration of International Reserves, as well as monitor their execution.

7) Establish, by absolute majority of votes, legal reserves of mandatory compliance by financial intermediation entities and approve their

---

//7. B.R. No. 095/2022

composition, amount, calculation, characteristics, forms of administration, custody, and remuneration, according to Regulation.

8) Approve the Regulation for the granting of liquidity credits of less than 90 days, to financial intermediation entities with legal reserve guarantee.

9) Approve by absolute majority of votes, liquidity credits of 90 days, renewable, to financial intermediation entities, according to Regulation.

10) Approve by two-thirds of the votes of the members present, credits to the Ministry of Economy and Public Finances, through the General Treasury of the Nation, to attend to urgent needs derived from public calamities, internal or international commotion, declared by Supreme Decree, and those of temporary liquidity needs, within the limits of the Monetary Program.

11) Approve the printing, issuance, and destruction of Boliviano banknotes and coins, and those issued for commemorative and numismatic purposes, as well as their denominations, dimensions, designs, and colors, according to Regulations when applicable.

12) Determine the exchange regime and exchange policy.

13) Approve the norms for the functioning of the payment system.

14) Define the organizational structure of the Bank and its modifications at all levels.

15) Approve, by express Resolution and by absolute majority of all its members, the appointment of the General Manager at the proposal of the Chairwoman or Chairman. The General Manager cannot be sworn into office or assume functions until they have this approval.

16) Approve the removal of the General Manager, for the causes established in Article 50 of Law No. 1670, or by vote of the absolute majority of all its members.

---

//8. B.R. No. 095/2022

17) Approve the appointment of the Chief Advisor of Economic Policy and the Managers at the proposal of the Chairwoman or Chairman, by simple majority of votes of its members present in the meeting. The appointed individuals cannot be sworn into their positions or assume functions until they have this approval.

18) Designate, with the vote of the absolute majority of all its members, the Head of Internal Audit from a slate proposed by the Chairwoman or Chairman. The Internal Auditor may be removed for the causes indicated in Article 50 of Law No. 1670 or by decision of the absolute majority of the total members of the Board of Directors.

19) Designate, by simple majority of votes, the Deputy Managers of Audit from slates proposed by the Chairwoman or Chairman.

20) Approve, by simple majority of votes, the suspension or dismissal of the Chief Advisor of Economic Policy and the Managers.

21) Evaluate the General Manager annually.

22) Approve the financial statements, annual reports of the BCB, and institutional reports, as well as the guidelines of the policies that will be applied during the management. Define the capitalization of profits of the BCB and order the creation of special reserves.

23) Authorize the Chairwoman or Chairman to assume the representation of the State before international and multilateral organizations of a monetary nature.

24) Approve the regulation of the services provided by the BCB in its capacity as the government's financial agent.

25) Regulate financial operations with the exterior carried out by public and private persons or entities.

26) Approve the regulations regarding the registration of public and private debt.

27) Approve the regulation(s) for the creation, constitution, and functioning of clearing and settlement chambers.

---

//9. B.R. No. 095/2022

28) Decree bank holidays.

29) Approve the Annual Operational Plan (POA), the budget of the BCB, and its modifications.

30) 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.

31) Approve the policies and regulations regarding the internal regime and administration of Human Resources of the BCB.

32) Approve the annual financial support destined to the BCB Cultural Foundation, as part of the BCB budget.

33) Resolve, within the legal timeframes provided, the appeals for revocation, and the hierarchical appeals filed against the decisions of the Chairwoman or Chairman.

34) Approve the inter-institutional agreements of the BCB and the national and international technical cooperation agreements that the BCB receives or grants, evaluating their compliance periodically.

35) Authorize the alienation and leasing of the movable and immovable assets of the BCB, so that the General Management carries out the corresponding bidding and contracting processes in accordance with current legal norms and Regulation.

36) Authorize the alienation and administration of portfolio and assets received in lieu of payment from banks in liquidation.

37) Appoint Board Members as representatives of the Bank before other institutions, when appropriate.

38) Approve the trips abroad that the Chairwoman or Chairman, the Board Members, and the General Manager make on behalf of the BCB.

39) Authorize the trips within the country that Board Members make on behalf of the Institution, who upon their return, must issue the

---

//10. B.R. No. 095/2022

corresponding report for the knowledge and consideration of the Board of Directors. Exceptionally, the President of this instance may authorize the trip of a Board Member, who upon their return must present a report for consideration by this instance.

40) Designate an Area Manager as Acting General Manager in the event of impediment or absence of the holder for a period of more than 90 business days.

41) Approve the Organization and Functions Manual of the BCB and its modifications.

42) Create and regulate decision-making committees and hire advisors when deemed convenient and in the manner determined.

43) Entrust the General Manager to draft, in coordination with the Area Managers, the necessary regulation for the implementation of laws and general norms, as well as for the timely execution of the Board of Directors' decisions, in the areas of their respective competences.

44) Fix the table of commissions that the BCB must charge for the services it provides.

45) Approve the Information and Dissemination Policies, as well as the dissemination of the Bank's decisions.

46) Approve the Annual Internal Audit Operational Plan and evaluate its execution quarterly.

47) Define and modify the annual calendar of activities of the Board of Directors.

48) Accept the resignation presented by the General Manager, the Chief Advisor of Economic Policy, and the Managers.

49) Other powers that are necessary for the fulfillment of their functions.

---

//11. B.R. No. 095/2022

Article 11.- (Appointment and Removal of the Head of Compliance and Prevention Department - UIF)
I. The Board of Directors will appoint by absolute majority of its members the Head of the Compliance and Prevention Department - UIF. Such appointment will be recorded in the Minutes.
II. Once the Head of the Compliance and Prevention Department - UIF is designated, they will have a functional dependence on the Presidency and General Management for administrative and operational matters but cannot be suspended or substituted in their position without the consent of the Board of Directors.
III. The Head of the Compliance and Prevention Department - UIF may be removed from their position by absolute majority of the Board of Directors.

Article 12.- (Full-Time Board Members)
I. At the beginning of each term, for reasons of service and according to the needs and institutional purposes, the Board of Directors may assign, to one or more of its members, full-time functions and exclusive dedication for management, through an express resolution adopted by absolute majority of votes.
II. The remunerations received by the Board Members will be fixed by Supreme Resolution. Full-time Board Members are entitled to all the benefits indicated by Law for public servants of the BCB.

Article 13.- (Part-Time Board Members)
I. Part-time Board Members receive per diems for their attendance to Board of Directors Meetings, which will be fixed by Supreme Resolution.
II. Within the framework of legal provisions, the payment of Per Diems for each meeting held will be established.
III. Exceptionally, the Board of Directors may entrust to the Board Members, the performance of functions or commissions on a full-time basis, for

---

//12. B.R. No. 095/2022

brief defined periods and for the fulfillment of specific tasks, the calculation of the days worked will be pro rata, taking as reference the salary of a full-time Director.

Article 14.- (Board Members with Domicile in a Place Different from the City of La Paz) The Bank will cover the travel expenses and per diems of the Board Members with domicile in the interior of the country. It will also cover said expenses when Board of Directors meetings are held in a place different from its headquarters.

CHAPTER III

ON THE MEETINGS OF THE BOARD OF DIRECTORS

Article 15.- (Periodicity)
Ordinary meetings will be held once a week, and extraordinary ones, as stipulated in Article 18.

Article 16.- (Venue and Modality of Sessions)
I. The meetings of the Board of Directors will be held at the legal domicile of the Bank.
II. The Board of Directors may meet in another place different from its headquarters, by decision of the absolute majority of its members.
III. The Board of Directors may meet virtually through information and communication technologies.
IV. Exceptionally, in the event that the Board of Directors cannot meet for reasons of force majeure or fortuitous event, it may decide the venue and modality of the session, by decision of the absolute majority of its members.

Article 17.- (Convocation)
The convocation to ordinary Board of Directors meetings is made in writing or by electronic means, through the Secretary of the Board of Directors, which is responsible for distributing, with due advance notice, the agenda and corresponding documentation.

---

//13. B.R. No. 095/2022

Article 18.- (Extraordinary Meetings)
The Chairwoman or Chairman of the Board of Directors may convene as many extraordinary Board of Directors meetings as deemed convenient. At the request of two or more Board Members, the Chairwoman or Chairman will convene extraordinary sessions that are deemed necessary.

Article 19.- (Quorum)
The quorum for Board of Directors meetings is four of its members, including the Chairwoman or Chairman.

Article 20.- (Licenses)
Board Members who cannot attend a session must request the respective license from the Chairwoman or Chairman, through the Secretary of the Board of Directors, for its registration in the minutes.

Article 21.- (Agenda)
It is the responsibility of the Chairwoman or Chairman to instruct the convocation to Board of Directors meetings and establish the topics that form part of the agenda of each meeting. At the request of one or more members of the Board of Directors, other topics may be included in the agenda.

Article 22.- (Modification of the Agenda)
The agenda may be modified by decision of the Board Members who attend the session.

Article 23.- (Consideration of the Minutes) At the beginning of each ordinary meeting, the minutes of the previous sessions must necessarily be considered.

---

//14. B.R. No. 095/2022

Article 24.- (Voting)
I. The resolutions and decisions of the Board of Directors are adopted by simple majority of votes of the members present in the meeting, except in cases where Law No. 1670 or this Statute require qualified majorities.
II. The required votes are as follows:

Number of Members Present in Board of Directors	Simple Majority	Absolute Majority	2/3 Majority	2/3 Majority of Total Board Members
6	4	4	4	4
5	3	3	4	4
4	3	3	3	4

III. The Chairwoman or Chairman has a casting vote in case of a tie.
IV. Board Members cannot abstain from voting. In case of dissent, they must justify their position, which will be recorded in the minutes.

Article 25.- (Confidentiality and Magnetic Recording)
I. Board of Directors meetings are reserved in accordance with Article 80 of Law No. 1670. By two-thirds of the votes of all its members, the Board of Directors may approve that certain meetings or certain topics be recorded on magnetic media. The recordings will be the responsibility of the Secretary of the Board of Directors and will be strictly confidential.
II. As established by the Law of the Central Bank of Bolivia No. 1670, the Board of Directors minutes will have full probative value for all legal effects.

Article 26.- (Resolutions)
I. The Board of Directors pronounces on matters within its competence through resolutions. It may also do so through decisions that will be expressly recorded in the minutes.

---

//15. B.R. No. 095/2022

II. Every draft resolution of the Board of Directors 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 sent to the Board of Directors by the General Management with its recommendation, except in technical matters corresponding to the Economic Policy Advisory, which may submit reports to the Board of Directors with its own recommendation.

Article 27.- (Participation of Managers and Other Officials)
I. The General Manager attends the Board of Directors meetings with the right to speak but without a vote. By instructions of the Chairwoman or Chairman, they may present the different topics that comprise the agenda, related to Administration. The Chairwoman or Chairman may excuse the attendance of the General Manager.
II. The Chief Advisor of Economic Policy, the Managers and Deputy Managers may be summoned to Board of Directors sessions, when their presence is necessary to deal with matters related to their area. The Board of Directors may invite other people for the consideration of specific matters.

Article 28.- (Minutes and Resolutions)
I. The Board of Directors minutes are structured as follows:
a. Place, day, and time when the meeting begins and concludes, and list of participants; b. Agenda;
c. Reports and decisions adopted;
d. Complete transcription of the approved resolutions.
II. Board of Directors resolutions have the following structure:
SUBJECT: Identification of the proposing area and summary of the topic.

---

//16. B.R. No. 095/2022

VISTOS: Relationship of antecedents and report of technical and legal order.
**C

---