Board Resolution No. 141/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 141/2026
SUBJECT: ECONOMIC POLICY ADVISORY - FINANCIAL ENTITIES MANAGEMENT - APPROVAL OF THE ESTABLISHMENT OF THE EXTENDED MONETARY RESERVE

HAVING VIEWED:
Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
Law No. 393 of August 21, 2013 on Financial Services and its modifications.
The Statute of the BCB approved by Board Resolution No. 85/2026 of June 23, 2026.
The report BCB-APEC-SPMEE-INF-2026-52 of September 22, 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).
The report BCB-GAL-SANO-DLBCI-INF-2026-253 of September 22, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
That Law No. 1670 in its articles 1, 2 and 3 provides that the BCB is the sole monetary and exchange authority of 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 will formulate policies of general application in monetary, exchange and payment system matters to fulfill its object.

That article 30 of Law No. 1670 establishes that all entities of the financial intermediation system and financial services, whose operation is authorized by the Financial System Supervision Authority (ASFI), are subject to the normative competence of the BCB.

That article 37 of Law No. 1670 states that the BCB will be the depository of liquid reserves intended to cover the legal reserve and attend to the payment system and other operations with the BCB of financial intermediation entities subject to the authorization and control of the ASFI.

That articles 44 and 54 subsection a) of Law No. 1670 provide that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized normative rules of general application and internal rules; as well as establishing administrative, operational and financial strategies of the Issuing Entity, approving their respective short and medium-term programs. The Board of Directors has the attribute to issue rules and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, disposing of measures for their compliance.

That the Statute of the BCB, in its article 6 subsections 1) and 3), provides that the BCB has normative competence to issue specialized rules in the fields assigned to it by the Law and technical competence for the formulation of policies, strategies, programs and the application of instruments that allow it to fulfill its object. Likewise, subsection 1) of article 11 determines that the Board of Directors has the attributes to approve general decisions and issue rules that are necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law.

CONSIDERING:
That through the report BCB-APEC-SPMEE-INF-2026-52, the APEC and GEF conclude that within the framework of the contractionary monetary policy established in the Monetary Program, it is necessary to sterilize liquidity resources of the financial system corresponding to Multiple Banks and the Public Bank through the establishment of an Extended Monetary Reserve (RMA), with the object of preserving price stability and preventing exchange pressures.

That through the report BCB-GAL-SANO-DLBCI-INF-2026-253, the GAL concludes that the approval of the establishment of the Extended Monetary Reserve is legally viable as it does not violate the current legal framework, so it corresponds to the Board of Directors of the BCB to approve it in accordance with what is established in article 54 subsection a) of Law No. 1670, and article 11 subsection 1) of the Statute of the BCB.

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

Article 1.- Establish an Extended Monetary Reserve (RMA) as a monetary policy instrument oriented towards the sterilization of liquidity in national currency, of mandatory compliance by Multiple Banks and the Public Bank, in accordance with the definition and classification established in Law No. 393 on Financial Services.

Article 2.- The RMA is the mechanism by which Multiple Banks and the Public Bank constitute an amount equivalent to two point five percent (2.5%) of the sum of their national currency deposits registered 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 RMA will be calculated based on the deposits indicated in Article 2, registered as of September 25, 2026, a date established as the baseline for the calculation.
II. For this purpose, the BCB will debit the corresponding amount from the current and reserve account in national currency of the entities covered by this Board Resolution.
III. The RMA will not be remunerated.

Article 4.-
I. The RMA will be constituted in two tranches:
1.0%: on September 25, 2026
1.5%: on October 2, 2026
II. The RMA will be valid until March 25, 2027, on which date the BCB will automatically credit the total of the resources to the current and reserve account in national currency of each entity.

Article 5.- The resources constituted by reason of the RMA will be immobilized at the BCB. They cannot be used to fulfill legal reserve requirements nor can they be employed to guarantee or carry out any other type of operations.

Due to their restricted nature, they must not be considered in the calculation of liquidity asset indicators of these entities.

Article 6.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, September 24, 2026
SIGNED: DAVID IVÁN ESPINOZA TORRICO, Dennise Sussan Martín Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.