Board Resolution No. 119/2026

BOARD BOARD RESOLUTION NO. 119/2026 SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVE THE MODIFICATION OF THE REGULATION ON OPERATIONS WITH SECURITIES ISSUED BY THE GENERAL TREASURY OF THE NATION FOR FISCAL POLICY PURPOSES.

HAVING SEEN: 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. The Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes approved by Board Resolution No. 93/2026 of June 29, 2026. The Statute of the BCB approved by Board Resolution No. 85/2026 of June 23, 2026. The report BCB-GOM-SOMA-DACOMA-INF-2026-24 of August 3, 2026, issued by the Monetary Operations Management (GOM). The report BCB-GAL-SANO-DLBCI-INF-2026-207 of August 4, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING: That the Political Constitution of the State in its article 327 determines that the BCB has the function of maintaining the stability of the internal purchasing power of the currency to contribute to economic and social development. In its article 328 it states that the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, has among its attributions to execute the exchange policy.

That Law No. 1670 in its article 1 establishes that the BCB is a State institution, of public law, of an autarkic nature, of indefinite duration, with legal personality and its own assets and with legal domicile in the city of La Paz. It is the sole monetary and exchange authority of the country, with administrative, technical and financial competence and specialized regulatory powers of general application.

That subsection e) of article 29 and article 87 of Law No. 1670 provide that the BCB will exercise the functions as Financial Agent of the Government participating in the issuance, placement and administration of public debt titles and that in its capacity as Financial Agent of the Government, the BCB may carry out, under the conditions determined by its Board, the deposit, custody, registration, administration, transaction, compensation and settlement of the securities issued, guaranteed or administered by the BCB and by the General Treasury of the Nation.

That article 44 and subsections a) and o) of article 54 of Law No. 1670 establish that the highest authority of the BCB is its Board which is responsible for defining its policies, specialized regulatory powers of general application and internal norms; and that it has the attributions to issue the norms and adopt the general decisions that were necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, as well as 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 any additional administrative act.

That the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes has the object of determining the conditions for the auction, adjudication, redemption, administration and control of operations with securities issued by the General Treasury of the Nation (TGN) with fiscal policy objectives.

That items 1), 17) and 22) of article 11 of the BCB Statute provide that the Board has the attribution to approve general decisions and issue the norms that were necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law; approve the regulation of the services provided by the BCB in its capacity as financial agent of the Government 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-GOM-SOMA-DACOMA-INF-2026-24, the GOM proposes to modify the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes with the purpose of expanding the options for

BOARD 2/3. B.R. No. 119/2026 participation of authorized agents in operations with securities issued by the General Treasury of the Nation, to uniform the forms of participation with those provided for in the Regulation on Open Market Operations and to adapt the provisions relative to the provision of funds and to the sanctioning regime applicable.

That through report BCB-GAL-SANO-DLBCI-INF-2026-207, the GAL concludes that the proposal to modify the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes is legally viable as it does not violate the current legal order, so it corresponds to the Board of the BCB its approval in accordance with what is established in article 54 subsections a) and o) of Law No. 1670 and article 11 items 1), 17) and 22) of the BCB Statute.

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

Article 1.- Modify article 18 of the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes, in the following manner:

SAYS: "Article 18.- (Fund Provision) To participate in the auction, authorized entities must effect the fund provision in one of the following forms: a) Through written or electronic communication to the BCB authorizing the debit of their current and reserve accounts, for their own operations or in favor of other authorized financial entities. This authorization may have indefinite character. b) Through credit equivalent to 2% of the nominal value of the securities demanded in the account of "Diverse Creditors - Open Market. This credit for titles in foreign currency can only be by electronic transfer or check, and for the case of titles in national currency by electronic transfer, check or cash deposit in national currency."

SHOULD SAY: "Article 18.- (Fund Provision) Authorized agents must have sufficient funds to guarantee the settlement of their operations. Such funds must be maintained in the current and/or reserve account that the entity maintains at the BCB or, in the case of Stock Agencies and Investment Fund Management Companies, in their Settlement Account in the Integrated Payments Settlement System (LIP). Entities that do not have the aforementioned accounts must guarantee the settlement of their operations through their liquidating entity, which is the entity that maintains a current and/or reserve account or a Settlement Account at the BCB."

Article 2.- Modify article 25 of the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes, in the following manner:

SAYS: "Article 25.- (Sanctions) If on the day of the sale, the adjudicatee does not have sufficient resources to effect the payment of the securities issued for fiscal policy purposes, the BCB will consolidate in favor of the TGN, as a fine, 2% of the nominal value of the same, without prejudice to other sanctions that the CA VT might determine."

SHOULD SAY: "Article 25.- (Sanctions) I. Authorized agents who, in the schedules established for the settlement of the securities, do not have sufficient resources in their current and/or reserve account, in their Settlement Account or through their liquidating entity, will be sanctioned by the BCB, which will automatically apply the collection of the fine established in its Table of Fines. The amount of the fine will be automatically debited from the aforementioned accounts and credited in favor of the TGN. II. If the authorized agent does not have sufficient resources for the payment of the fine, they will be restricted from participating in operations with the TGN, in Open Market Operations (OMA) and in the Integrated Payments Settlement System until the payment of the corresponding fine, in accordance with applicable regulations."

Article 3.- This Resolution will enter into force from its publication.

Article 4.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, August 4, 2026 SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.