Board Resolution No. 117/2026: Approval of the Regulation for the Purchase and Sale of US Dollars

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 117/2026
SUBJECT: ECONOMIC POLICY ADVISORY - INTERNATIONAL OPERATIONS MANAGEMENT - APPROVE THE REGULATION FOR THE PURCHASE AND SALE OF US DOLLARS

HAVING REVIEWED:
The Political Constitution of the State of February 7, 2009.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Ministerial Resolution No. 245 of June 26, 2026, of the Ministry of Economy and Public Finances.
The BCB Statute approved by Board Resolution No. 85/2026 of June 23, 2026.
The Foreign Exchange Operations Regulation approved by Board Resolution No. 88/2026 of June 26, 2026.
The report BCB-APEC-SPMEE-INF-2026-36 of July 29, 2026, from the Economic Policy Advisory (APEC) and the International Operations Management (GOI).
The report BCB-GAL-SANO-DLBCI-INF-2026-204 of July 29, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
That the Political Constitution of the State in its articles 327 and 328 establishes that the BCB is a public law institution, with legal personality and its own assets, and that, 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; and it has as attributes, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by law, to determine and execute monetary policy, execute foreign exchange policy, regulate the payment system, authorize the issuance of currency and administer international reserves.

That Law No. 1670 in its articles 1, 2, 3, 14 and 30, provides that the BCB is the sole monetary and foreign exchange authority of the country, with administrative, technical and financial competence and specialized regulatory powers of general application. Its object is to ensure the stability of the internal purchasing power of the national currency. The BCB will formulate policies of general application in monetary, foreign exchange and payment system matters for the fulfillment of its object. The BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments. All entities of the financial intermediation system and financial services, whose functioning is authorized by the ASFI, are subject to the regulatory competence of the BCB.

That articles 44 and 54 subsections a), c) and o) of Law No. 1670 provide that the highest authority of the BCB 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 Issuing Entity, approving their respective short and medium-term programs. Likewise, it establishes that the Board of Directors has the attributes to issue the rules and adopt the general decisions that may be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law; as well as to monitor the execution of monetary, foreign exchange, credit, financial intermediation, international reserve administration and other policies and regulations corresponding to the BCB in accordance with this law; and to 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 through Ministerial Resolution No. 245, the Ministry of Economy and Public Finances establishes a flexible foreign exchange regime, with the purpose of strengthening macroeconomic stability, preserving external competitiveness and contributing to the balance of payments equilibrium, entrusting the transition to the new regime to the BCB, in exercise of the powers conferred by Law No. 1670.

That the BCB Statute in items 1) and 3) of article 6, article 7 and items 1), 2), 10) and 22) of article 11 determines that the BCB has regulatory and technical competence. The rules issued by the BCB will be approved by Resolutions of its Board of Directors, which has as attributes to approve general decisions and issue the rules that may be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law; define the BCB's policies, specialized regulations of general application and internal rules; approve the rules for the execution of foreign exchange policy; and 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-2026-36, APEC and GOI conclude that the proposed Regulation for the Purchase and Sale of US dollars has the objective of mitigating unwanted fluctuations in the foreign exchange market and/or accumulating International Reserves without inducing a specific level of the Official Exchange Rate (TCO).

That through report BCB-GAL-SANO-DLBCI-INF-2026-204, GAL concludes that, in attention to the background sent by APEC and GOI, it is legally viable to approve the Regulation for the Purchase and Sale of US dollars as it does not violate the current legal framework, so it corresponds to the BCB Board of Directors its approval in accordance with what is established in article 54 subsections a), c) and o) of Law No. 1670 and article 11 items 1), 2), 10) and 22) of the BCB Statute.

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

Article 1.- Approve the Regulation for the Purchase and Sale of US Dollars which forms part of this Resolution as an Annex.

Article 2.- This Resolution will enter into force from its publication.

Article 3.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, July 30, 2026
EDO. DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.

ANNEX
REGULATION FOR THE PURCHASE AND SALE OF US DOLLARS

CHAPTER I
GENERAL ASPECTS

Article 1 (Object). This regulation aims to regulate the procedures for the purchase and sale of US dollars (USD) by the Central Bank of Bolivia (BCB) to Financial Intermediation Entities (EIF).

Article 2 (Purpose of the Purchase and Sale of USD). The BCB will carry out purchase and sale operations of USD with the objective of mitigating unwanted fluctuations in the foreign exchange market and/or accumulating International Reserves, without inducing a specific level of the Official Exchange Rate (TCO).

Article 3 (Modalities of Purchase and Sale of USD). The BCB may carry out the purchase and sale of USD under the modalities of direct operations and auctions.

Article 4 (Participants). EIFs that maintain a current and reserve account or a reserve account at the BCB may participate. This participation may be on their own account or on behalf of third parties.

Article 5 (Exchange Rate). The exchange rate must be expressed in bolivianos per USD with two decimal places.

Article 6 (Insufficiency of Funds). In the event that the EIF does not have the resources in national currency or in USD, as appropriate for the operation, until 15:00 on the day of the award, the operation will be left without effect and the EIF will be suspended from participating in the BCB's purchase and sale operations of USD for 90 calendar days.

Article 7 (Dissemination of Results). The results of the purchase and sale of USD will be disseminated on the day of the award, through the BCB's institutional website.

Article 8 (Contingencies). The determination of operational aspects not foreseen in this Regulation corresponds to the President of the Central Bank of Bolivia, without prejudice to the attributes of the Board of Directors to issue complementary provisions that it deems necessary for its adequate application.

CHAPTER II
DIRECT PURCHASE AND SALE OF USD

Article 9 (Purchase of USD by the BCB from EIFs).
I. The International Operations Management (GOI) will communicate to the EIFs until 8:30 a.m. on the day of the operation the following conditions: i) the amount of USD to be acquired, ii) the exchange rate of the operation and iii) the schedule for receiving proposals.
II. After the hour for receiving proposals from EIFs has concluded, the purchase of USD will proceed, for which the EIFs awarded the operation must transfer the awarded USD until 15:00 via: (i) credit to the BCB's account at its correspondent bank abroad or (ii) cash deposit in the BCB's vaults. Upon verification of the receipt of the USD, the BCB will credit the corresponding amount in bolivianos at the offered exchange rate, to the current and reserve account or to the reserve account in national currency of the EIF.

Article 10 (Sale of USD by the BCB to EIFs).
I. The GOI will communicate to the EIFs until 8:30 a.m. on the day of the operation the following conditions: i) the amount of USD to be sold and if applicable the maximum sale amount per EIF, ii) the exchange rate of the operation and iii) the schedule for receiving proposals.
II. After the hour for receiving proposals from EIFs has concluded, the sale of USD will proceed. The BCB will debit from the current and reserve account or the reserve account in national currency of each EIF the resources in bolivianos equivalent to the amount of USD awarded and credit the same to the current and reserve account or to the reserve account in USD.
III. In the event that the total of the proposals is greater than the established amount, the award will be made by pro-rata based on the participation of each proposal with respect to the total.
IV. The USD awarded to the EIFs may be transferred to their correspondent bank abroad or may be withdrawn in USD cash from the BCB's vaults. In these operations, the collection of commissions established in the BCB's Commission Table will be exempted.

CHAPTER III
AUCTION OF US DOLLARS

Article 11 (Electronic Foreign Exchange Auction System). The GOI will publicly communicate to the EIFs the following conditions for the USD auction mechanism: i) the day and time the auction will take place, ii) the schedule for receiving proposals and iii) other characteristics thereof.

Article 12 (Format of the Auction).
I. The foreign exchange auction consists of two stages:
a) Orientation stage. EIFs will enter their demand or supply requests within the pre-determined schedule, at the base exchange rate established by the BCB. b) Magnitude stage. EIFs will enter their supply requests (when there is an excess of demand in the first orientation stage) or enter their demand requests (when there is an excess of supply in the first orientation stage), at the different exchange rates that are established during the development of the auction.
II. The base exchange rate, defined by the BCB, is the initial quotation taken for the foreign exchange auction in the orientation stage.
III. The exchange rate of award in the auction is the uniform award price resulting from the USD auction.
IV. The sale and/or purchase of USD will proceed at the exchange rate resulting from the foreign exchange auction.

Article 13 (Debit and Credit of Accounts in Case of Auction). The credit and debit of accounts in the auction modality will be carried out in the same manner as established for the purchase and sale of USD in the direct modality, in accordance with what is provided in articles 9 and 10 of this Regulation.