Board Resolution No. 140/2026: Modification of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta

DIRECTORATE
BOARD RESOLUTION N° 140/2026
SUBJECT: FINANCIAL ENTITIES MANAGEMENT - ECONOMIC POLICY ADVISORY - MODIFY THE LIQUIDITY CREDIT REGULATION FOR BANCO DE DESARROLLO PRODUCTIVO SOCIEDAD ANÓNIMA MIXTA WHEREAS:
Law N° 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Law N° 393 of August 21, 2013, on Financial Services and its modifications.
Supreme Decree N° 4442 of January 6, 2021.
Board Resolution N° 85/2026 of June 23, 2026, which approves the BCB Statute.
Board Resolution N° 007/2021 of January 11, 2021, which approves the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta and its modifications.
Liquidity Credit Granting Agreement SANO N° 1/2021 signed on January 12, 2021, between the BCB and Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - S.A.M.) and its modifications.
Report BCB-GEF-SASF-DAN-INF-2026-21 of September 21, 2026, issued by the Financial Entities Management (GEF) and the Economic Policy Advisory (APEC).
Report BCB-GAL-SANO-DLBCI-INF-2026-252 of September 21, 2026, issued by the Legal Affairs Management (GAL).
CONSIDERING:
That Law N° 1670 in its article 30 states that all entities of the financial intermediation and financial services system, whose operation is authorized by the Authority for the Supervision of the Financial System (ASFI), are subject to the normative competence of the BCB.

DIRECTORATE
//a. R.D.N° 140/2026
That article 44 and subsections a), o) and q) of article 54 of Law N° 1670 establish that the BCB Board is its highest authority, responsible for defining its policies, specialized general application regulations and internal rules, with powers, among others, 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, to approve, modify and interpret the Statute and its Regulations by two thirds of the votes of all its members, without the need for any additional administrative act and those that are necessary for the fulfillment of its functions. That Law N° 393 in subsection a) of its article 179 determines that Banco de Desarrollo Productivo Sociedad Anónima Mixta (BDP - S.A.M.), has among its functions, within the framework of its first and second-tier activities, to provide financial and non-financial services to the different actors of the plural economy by itself or through third parties. That the aforementioned Law, in its article 430, states that the BCB may grant liquidity credits to financial intermediation entities with a guarantee of the legal reserve constituted, as well as with other guarantees determined by the Issuing Entity, in accordance with a Regulation approved by its Board. That Supreme Decree N° 4442 aims to allow access to liquidity resources, through BDP - S.A.M. to Financial Development Institutions (IFD) and Savings and Credit Cooperatives (CAC) with an operating license granted by ASFI, and in its article 2, it provides that BDP - S.A.M., in order to channel liquidity resources to IFDs and CACs, may request credits from the BCB with the guarantee of its second-tier credit portfolio, which will be channeled with a spread not exceeding 100 basis points. Likewise, it establishes that BDP - S.A.M. will evaluate access to this financing solely based on the information from the Financial Statements and/or flow projections provided by the IFDs and CACs. That numerals 1), 7) and 22) of article 11 of the BCB Statute establish that the Board of the Issuing Entity 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, as well as to approve the granting of liquidity credits to financial intermediation entities and to approve, modify and interpret the BCB Statute and Regulations, by two thirds of the votes of all its members, without the need for an additional administrative act. In numerals 4) and 12) of its article 33, it determines that the President of the BCB has the powers to exercise the legal representation of the BCB without prejudice to the delegation powers and to sign the contracts and agreements entered into by the Bank, being able to delegate this power.

DIRECTORATE
//3.R.D.N° 140/2026
That articles 5 and 7 of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta establish that the term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed for similar terms up to a maximum of 25 times each, with the payment of interest being necessary for each renewal and the conditions for the disbursement and cancellation of credits. That the Liquidity Credit Granting Agreement SANO N° 1/2021 signed between the BCB and BDP - S.A.M. stipulates, among others, the financial conditions, the renewal of the granted liquidity credit operations, as well as the payment. CONSIDERING:
That through report BCB-GEF-SASF-DAN-INF-2026-21, GEF and APEC conclude that it is necessary to provide for exceptional conditional renewals for financial intermediation entities sanctioned for non-compliance with BCB regulations, in order to provide flexibility to their liquidity levels in the current economic situation, for which they recommend to the Board to approve the modification of articles 5 and 7 of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta and the signing of the modifying contract with BDP - S.A.M. That through report BCB-GAL-SANO-DLBCI-INF-2026-252, GAL concludes that the modification of articles 5 and 7 of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta is legally viable as it does not violate the current legal system, and therefore, its approval by the BCB Board and authorization to the President to sign the modifying contract with BDP - S.A.M. is appropriate, in accordance with the provisions of article 54 subsections a), o) and q) and article 59 subsection e) of Law N° 1670 and numerals 1), 7) and 22) of article 11 and numerals 4) and 12) of article 33 of the BCB Statute. POR TANTO, THE BOARD OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Modify article 5 (Term) of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta, as follows:

DIRECTORATE
//4. R.D. N° 140/2026
IT SAYS:
"Article 5 (Term)
The term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed up to a maximum of 25 (twenty-five) times each, with the payment of interest being necessary for each renewal and will only proceed for credit operations channeled in favor of IFD or CAC that do not have sanctions for non-compliance with BCB regulations at the time of requesting the renewal and during the validity of the operation. In case of renewal, the liquidity credit is subject to the payment schedule established in paragraph IV of article 7." IT SHOULD SAY:
"Article 5 (Term)
The term for liquidity credits will be up to 90 (ninety) calendar days, which may be renewed up to a maximum of 25 (twenty-five) times each, with the payment of interest being necessary for each renewal and will only proceed for credit operations channeled in favor of IFD or CAC that do not have sanctions for non-compliance with BCB regulations at the time of requesting the renewal. In case of renewal, the liquidity credit is subject to the payment schedule established in paragraph IV of article 7. Exceptionally, entities that, during the validity of their liquidity credit operations, have been sanctioned for non-compliance with BCB regulations, may access conditional renewals, provided that the operations are canceled according to the payment schedule established in paragraph V of article 7."
Article 2.- Modify article 7 (Disbursement and Cancellation) of the Liquidity Credit Regulation for Banco de Desarrollo Productivo Sociedad Anónima Mixta, with the following text:

DIRECTORATE
//5. R.D.N° 140/2026
IT SAYS:
"Article 7 (Disbursement and Cancellation)
I. Disbursements will be subject to the provisions of the signed contract.
II. BDP-S.A.M. will cancel liquidity credit operations in accordance with the signed contract, authorizing the debit of the corresponding amount from its Current and Reserve Account at the BCB, for which purpose, BDP-S.A.M. must deposit the necessary resources for this purpose.
III. BDP-S.A.M. may cancel liquidity credits in advance, for which it must deposit the amount to be canceled in its Current and Reserve Account at the BCB.
IV. Disbursed, current, and renewed liquidity credit operations must be canceled according to the following schedule:
a) By December 30, 2026, at least an amount equivalent to one third (1/3) of the outstanding capital balance on the payment date. b) By March 30, 2027, at least the accumulated amount equivalent to two thirds (2/3) of the outstanding capital balance on the payment date provided in the previous subsection. c) By June 29, 2027, the total outstanding capital balance corresponding to current liquidity credit operations." IT SHOULD SAY:
"Article 7 (Disbursement and Cancellation)
I. Disbursements will be subject to the provisions of the signed contract.
II. BDP-S.A.M. will cancel liquidity credit operations in accordance with the signed contract, authorizing the debit of the corresponding amount from its Current and Reserve Account at the BCB, for which purpose, BDP-S.A.M. must deposit the necessary resources for this purpose.
III. BDP-S.A.M. may cancel liquidity credits in advance, for which it must deposit the amount to be canceled in its Current and Reserve Account at the BCB.
IV. Disbursed, current, and renewed liquidity credit operations must be canceled according to the following schedule:
a) By December 30, 2026, at least an amount equivalent to one third (1/3) of the outstanding capital balance on the payment date. b) By March 30, 2027, at least the accumulated amount equivalent to two thirds (2/3) of the outstanding capital balance on the payment date provided in the previous subsection. c) By June 29, 2027, the total outstanding capital balance corresponding to current liquidity credit operations.
V. Disbursed, current, and renewed liquidity credit operations corresponding to entities that, during the validity of their operations, have been sanctioned for non-compliance with BCB regulations, must be canceled according to the following schedule:
a) By December 30, 2026, at least an amount equivalent to one third (1/3) of the outstanding capital balance on the payment date. b) By March 30, 2027, the totality of obligations corresponding to current and renewed liquidity credit operations.
Consequently, by March 31, 2027, they may not maintain any outstanding balance."
Article 3.- This Resolution shall enter into force upon its publication.
Article 4.- The interim President of the BCB is authorized to sign the Modifying Contract with Banco de Desarrollo Productivo - Sociedad Anónima Mixta.

DIRECTORATE
//7. R.D.N° 140/2026
Article 5.- The Presidency and the General Management are responsible for the execution and compliance with this Resolution.
La Paz, September 22, 2026
SIGNED. DAVID IVÁN ESPINOZA TORRICO, Dennise Sussan Marlin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.