Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 122/2016

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES THE REGULATION FOR THE ADMINISTRATION OF INTERNATIONAL RESERVES.

VIEWED:

The Political Constitution of the State approved by referendum on January 25, 2009, and published on February 7, 2009.

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

The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and its subsequent modifications.

The Regulation for the Administration of International Reserves approved by Board Resolution No. 016/2016 of January 26, 2016.

The Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2016-19 of June 29, 2016.

The Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2016-156 of July 1, 2016.

CONSIDERING:

That the Political Constitution of the State establishes in its article 328 that it is an attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to administer international reserves.

That in accordance with what is provided in article 16 of Law No. 1670, the Central Bank of Bolivia has the function of administering and managing International Reserves, being able to invest them and deposit them in custody, as well as dispose of and pledge them, in the manner it considers most appropriate for the fulfillment of its object and its functions and for their adequate safeguarding and security.

That within the framework of the aforementioned, the Central Bank of Bolivia has approved through Board Resolution No. 016/2016 the Regulation for the Administration of International Reserves, establishing the policies and norms for its correct administration.

That the Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2016-19, recommends approving a new Regulation for the Administration of International Reserves with the aim of optimizing the management of said reserves.

That the Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2016-156, concludes that the project of the new Regulation for the Administration of International Reserves proposed by the GOI is legally appropriate, insofar as it does not