Board Resolution No. 127/2025

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 127/2025

SUBJECT: TREASURY MANAGEMENT – AUTHORIZE THE MONETIZATION OF MONETARY MATERIAL FROM THE Bs10, Bs20, AND Bs50 DENOMINATIONS IN LEGAL CIRCULATION.

VIEWED:

The Political Constitution of the State (CPE) of February 7, 2009.

Law No. 901 of November 28, 1986 on the Creation of a New Monetary Unit.

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

The BCB Statute approved by Board Resolution No. 095/2022 of October 6, 2022.

Board Resolution No. 094/2018 of July 24, 2018, which approves the Regulation on the Monetization, Distribution, and Destruction of Monetary Material and the Destruction of Counterfeit Material and its modifications.

Board Resolution No. 067/2023 of May 2, 2023, which approves the Regulation on the Exchange and Fractioning of Monetary Material of the BCB.

Report BCB-GTES-SAMM-DAMM-INF-2025-143 of October 3, 2025, issued by the Treasury Management (GTES).

Legal report BCB-GAL-SANO-DLBCI-INF-2025-344 of October 6, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Article 327 of the Political Constitution of the State determines that the BCB is a public law institution, with legal personality and its own assets. Within the framework

“2025 BICENTENNIAL OF BOLIVIA”

---

BOARD OF DIRECTORS

//2. B.R. No. 127/2025

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 numeral 4 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is an attribute of the BCB, in coordination with the economic policy determined by the Executive Branch, to authorize the issuance of currency.

That Articles 1, 2, and 3 of Law No. 901 establish the creation of the Boliviano, as a new unit of the monetary system of the Plurinational State of Bolivia through banknotes and coins that the BCB will issue and circulate with the quality of legal and mandatory course, being the symbol of the Bolivian currency will be Bs (capital B followed by a lowercase s), establishing the BCB as the sole issuer of banknotes and coins.

That Article 1 of Law No. 1670 establishes that the Issuing Entity is the sole monetary authority of the country, with administrative, technical, and financial competence and specialized regulatory powers.

That Articles 10 and 11 of Law No. 1670 provide that the BCB will exercise exclusively and inalienably the function of issuing the monetary unit of Bolivia called the "Boliviano," in the form of banknotes and metallic coins, being that the banknotes and coins issued by the BCB are means of payment of legal course throughout the territory of the Plurinational State of Bolivia, with unlimited liberatory power.

That Article 44 of Law No. 1670 provides that the highest authority of the BCB is its Board of Directors, 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.

That subsections a) and m) of Article 54 of the aforementioned Law determine that the BCB Board of Directors has the attribute to issue regulations and adopt general decisions that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, and to authorize and supervise the printing, issuance, and destruction of banknotes and the minting and withdrawal of coins, within the norms of the aforementioned Law.

That numerales 1) and 11) of Article 10 of the BCB Statute provide that the BCB Board of Directors has the attribute to approve general decisions and issue regulations that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, as well as, 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.

That Article 24 of the aforementioned Statute provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or this Statute require qualified majorities.

That Article 26 of the Statute states that the Board of Directors pronounces itself on matters within its competence through Resolutions. It may also do so through decisions that will be expressly recorded in the Minutes. Every draft Board Resolution 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 GAL. These reports must be sent to the Board of Directors by the General Management with its recommendation.

That Articles 2 and 3 of the Regulation on the Monetization, Distribution, and Destruction of Monetary Material and the Destruction of Counterfeit Material define monetization as a function exclusive to the BCB as the sole issuer of the Boliviano, through which nominal value is granted to Boliviano banknotes and coins for their introduction into circulation. It also establishes that the BCB Board of Directors, through an express Resolution, will authorize the monetization of monetary material based on reports from GTES and GAL, in accordance with the issuance or storage requirements determined by GTES.

That Articles 4 and 5 of the Regulation on the Monetization, Distribution, and Destruction of Monetary Material and the Destruction of Counterfeit Material determine that the authorization of monetization will be recorded in Minutes signed by a Director designated by the BCB Board of Directors, the General Manager, the Treasury Manager, and the Deputy Manager of Monetary Material Operations; GTES will register the monetization of banknotes and coins, accounting for the transfer of the nominal value of each of the denominations of "Monetary Material in Warehouses" to the "Central Vault" account.

That the Regulation on the Exchange and Fractioning of Monetary Material of the BCB aims to regulate the exchange and fractioning operations of banknotes and/or coins of

“2025 BICENTENNIAL OF BOLIVIA”

---

BOARD OF DIRECTORS

//4. B.R. No. 127/2025

Boliviano that must be carried out by all financial intermediation entities supervised by the Financial System Supervision Authority.

That the technical report BCB-GTES-SAMM-DAMM-INF-2025-143 from GTES concludes that, based on the recent evolution of banknote distribution and the economic context, the current stock of banknotes from the Bs10, Bs20, and Bs50 denominations in the BCB Vaults would be insufficient to meet short-term issuance requirements. In this sense, with the purpose of satisfying the demand for banknotes from Financial Intermediation Entities (EIFs) and, in general, meeting issuance requirements, in accordance with current regulations, it is technically viable to proceed with the monetization of banknotes from the Bs10, Bs20, and Bs50 denominations under the terms described. Monetization would also allow the reconstitution of available stocks for distribution, providing additional impetus to the process of replacing deteriorated pieces that the Issuing Entity has been promoting, putting into circulation new banknotes of Series B in the Bs10, Bs20, and Bs50 denominations, complementing the introduction of Bs200 and Bs100 banknotes of Series B initiated last June. For this effect, the monetary material to be used will correspond to the banknote pieces of Series B from NFB recently delivered to the BCB and which were provided under the framework of Contract SANO-DLABS No. 3/2025, Modification Contract SANO-DLABS No. 69/2025, signed with CRANE CURRENCY MALTA LIMITED; monetary material amounting to 45 million pieces of the Bs10 denomination, with a nominal value of Bs450 million; 17 million pieces of the Bs20 denomination, with a nominal value of Bs340 million; and 18 million pieces of the Bs50 denomination, with a nominal value of Bs900 million; recommending that the BCB Board of Directors authorize their monetization.

That the legal report BCB-GAL-SANO-DLBCI-INF-2025-344 from GAL concludes that, the request of GTES through the technical report BCB-GTES-SAMM-DAMM-INF-2025-143, regarding the monetization of 45 million pieces of the Bs10 denomination (Bs450 million), 17 million pieces of the Bs20 denomination (Bs340 million), and 18 million pieces of the Bs50 denomination (Bs900 million), is legally appropriate by virtue of the legal provisions contained in the Political Constitution of the State, Articles 1 and 3 of Law No. 901, Law No. 1670, and the BCB Statute; corresponding to the BCB Board of Directors to authorize its monetization by a simple majority of votes of the members present. Finally, in the

“2025 BICENTENNIAL OF BOLIVIA”

---

BOARD OF DIRECTORS

//5. B.R. No. 127/2025

exercise of the supervision attribute, it corresponds to the BCB Board of Directors to designate one of its members to participate in the corresponding monetization act.

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

Article 1.- Authorize the monetization of banknotes from the Bs10, Bs20, and Bs50 denominations, according to the following detail:

Denomination	Quantity (pieces)	Amount (Bs)
Bs50	18,000,000	900,000,000
Bs20	17,000,000	340,000,000
Bs10	45,000,000	450,000,000

Article 2.- Designate Acting Director Victor Gonzalo Calisaya Gomez to represent the Board of Directors and participate in the monetization act of the aforementioned material.

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

La Paz, October 7, 2025

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

“2025 BICENTENNIAL OF BOLIVIA”