Board Resolution No. 131/2026: Establishment of a Restricted Monetary Reserve

BOARD OF DIRECTORS
BOARD RESOLUTION N° 131/2026
SUBJECT: ECONOMIC POLICY ADVISORY AND FINANCIAL ENTITIES MANAGEMENT - ESTABLISH A RESTRICTED MONETARY RESERVE

WHEREAS:
Law N° 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its amendments.
Law N° 393 of August 21, 2013, on Financial Services and its amendments.
The BCB Statute approved by Board Resolution N° 85/2026 of June 23, 2026.
Report BCB-APEC-SPMEE-INF-2026-46 of September 7, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).
Report BCB-GAL-SANO-DLBCI-INF-2026-232 of September 7, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
That Law N° 1670 in its articles 1, 2, and 3 provides that the BCB is the sole monetary and exchange authority in the country, with administrative, technical, and financial competence and specialized normative powers of general application. The object of the BCB is to ensure the stability of the internal purchasing power of the national currency. The BCB shall formulate policies on monetary, exchange, and payment systems matters for the fulfillment of its object. That Article 30 of Law N° 1670 establishes that all entities of the financial intermediation system and financial services, whose operation is authorized by the Superintendency of Banks and Financial Entities, currently the Authority for the Supervision of the Financial System (ASFI), are subject to the normative competence of the BCB. That Article 37 of Law N° 1670 indicates that the BCB shall be the depositary of the liquid reserves intended to cover the legal reserve requirement and to attend to the payment system and other operations with the BCB of financial intermediation entities subject to the authorization and control of the Superintendency of Banks and Financial Entities, currently the ASFI.

BOARD OF DIRECTORS
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That articles 44 and 54 inciso a) of Law N° 1670 provide that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized normative acts of general application, and internal rules; as well as establishing administrative, operational, and financial strategies of the Issuing Entity, approving its respective short and medium-term programs. The Board of Directors has the powers to issue the rules and adopt the general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, providing the measures for their compliance. That the BCB Statute in its article 6 numerals 1) and 3) provides that the BCB has normative competence to issue specialized rules in the fields assigned to it by Law and technical competence for the formulation of policies, strategies, programs, and the application of instruments that allow it to fulfill its object. Likewise, numeral 1) of article 11 determines that the Board of Directors has the powers to approve general decisions and issue the rules that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law.

CONSIDERING:
That through report BCB-APEC-SPMEE-INF-2026-46, the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF) conclude that during recent weeks, national currency liquidity registered a considerable growth, concentrated mainly in Multiple Banks and the Public Bank, generating pressures on the exchange market and inflation, for which, within the framework of the restrictive monetary policy established in the Monetary Program, it is necessary to sterilize said surplus by establishing a Restricted Monetary Reserve (RMR). That through report BCB-GAL-SANO-DLBCI-INF-2026-232, the GAL concludes that the proposal of the APEC and the GEF to establish the Restricted Monetary Reserve of mandatory compliance by Financial Intermediation Entities (EIFs) is legally viable as it does not violate the current legal framework, corresponding to the BCB Board of Directors its approval in accordance with the provisions of article 54 inciso a) of Law N° 1670, and article 11 numeral 1) of the BCB Statute.

BOARD OF DIRECTORS
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THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA, RESOLVES:
Article 1.- To establish a Restricted Monetary Reserve (RMR) as a monetary policy instrument aimed at absorbing national currency liquidity, of mandatory compliance by Multiple Banks and the Public Bank, in accordance with the definition and classification established in Law N° 393 on Financial Services.
Article 2.- The RMR is the mechanism by which Multiple Banks and the Public Bank constitute an amount equivalent to three percent (3%) of the sum of their national currency deposits recorded in accounts 211.00, 212.00, 213.00 less than one (1) year, 215.00 less than one (1) year, 281.00, 282.00, 283.00 less than one (1) year, and 285.00 less than one (1) year, in accordance with the Chart of Accounts for Financial Entities of the ASFI.
Article 3.- I. The amount of the RMR shall be calculated based on the deposits indicated in Article 2, recorded as of September 3, 2026, which date is established as the baseline for the calculation.
II. For this purpose, the BCB shall automatically debit the corresponding amount from the current and legal reserve accounts in national currency of the entities covered by this Board Resolution.
III. The RMR shall not be remunerated.
Article 4.- I. The RMR shall be constituted on September 8, 2026, with a validity period of one hundred eighty (180) calendar days, computable from its constitution.
II. Upon expiration of said period, the BCB shall automatically credit the corresponding resources to the current and legal reserve accounts in national currency of each entity.
Article 5.- The resources constituted for the RMR shall be immobilized in the BCB. They may not be used to meet legal reserve requirements, nor may they be used to guarantee or carry out any other type of operations. Due to their restricted nature, they shall not be considered in the calculation of liquid asset indicators of these entities.

BOARD OF DIRECTORS
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Article 6.- This Resolution shall enter into force from the date of its publication.
Article 7.- The General Management is responsible for the execution and compliance of this Resolution.

La Paz, September 7, 2026
DAVID IVÁN ESPINOZATORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.