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2024-11-26 | RESOLUCIÓN DE DIRECTORIO N° 161/2024

Added 2026-07-27 · Updated 2026-08-13

Board Resolution No. 161/2024

The Board of Directors of the Central Bank of Bolivia approves the granting of an exceptional liquidity credit of 2,500,000,000 Bolivianos to the General Treasury of the Nation for the 2024 fiscal year. The credit carries a one-year term, a 4.10% annual interest rate, and is secured by negotiable Treasury bonds. The authorized signatory is empowered to execute the corresponding credit contract with the Ministry of Economy and Public Finance.

Bolivia

Banco Central de Bolivia

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 161/2024

SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVE THE GRANTING OF AN EXCEPTIONAL LIQUIDITY CREDIT TO THE GENERAL TREASURY OF THE NATION UNDER LAW NO. 1670 - MANAGEMENT YEAR 2024.

VIEWED:

The Political Constitution of the State of February 7, 2009.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia and its modifications.
The Regulation for the contracting of Liquidity Credits, approved by Ministerial Resolution No. 021 of January 25, 2023, issued by the Ministry of Economy and Public Finance.
The Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670, approved via Board Resolution No. 110/2019 of August 27, 2019.
The Statute of the BCB, approved by Board Resolution No. 095/2022 of October 6, 2022.
The Monetary Program and Financial Fiscal Program 2024 approved on January 29, 2024, by the BCB and its modifications.
The Execution Decision of the 2024 Financial Fiscal Program signed on January 30, 2024, between the Ministry of Economy and Public Finance and the Central Bank of Bolivia and its modifications.
Note MEF P/VTCP/DGCP/UEPS/No. 589/2024 of November 21, 2024, from the Ministry of Economy and Public Finance.
Report BCB-GOM-SOSP-DCE-INF-2024-71 of November 26, 2024, issued by the Monetary Operations Management (GOM).

//2. B.R. No. 161/2024

Report BCB-APEC-SMF-INF-2024-61 of November 26, 2024, issued by the Economic Policy Advisory (APEC).
Report BCB-GAL-SANO-DLBCI-INF-2024-493 of November 27, 2024, from the Legal Affairs Management (GAL).

CONSIDERING:

That Paragraph I of Article 326 of the Political Constitution of the State determines that the State through the Executive Branch will determine the objectives of the country's monetary and exchange policy in coordination with the BCB.
That Article 327 of the Political Constitution of the State establishes that the BCB is a public law institution, with legal personality and its own assets. Within the framework 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 Article 1 of Law No. 1670 establishes that the Central Bank of Bolivia is a State institution, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets and with legal domicile in the city of La Paz, being the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative faculties of general application, in the manner and with the scope established in the Law.
That subsection b) of Article 22 of the aforementioned Law provides that the Central Bank of Bolivia may not grant credit to the Public Sector nor incur contingent liabilities in its favor, and exceptionally may do so in favor of the National Treasury with the favorable vote of two-thirds of the members present at a meeting of its Board of Directors, to attend to temporary liquidity needs within the limits of the Monetary Program.
That Article 23 of Law No. 1670 determines that the operations provided for in Article 22 will be documented in all cases through negotiable public debt securities issued by the National Treasury, which in the case provided for in subsection b) will have a maximum term of one year.

//3. B.R. No. 161/2024

That Article 44 of the aforementioned legal body states that the Board of Directors is responsible for defining its policies, specialized norms of general application, and internal rules; as well as establishing administrative, operational, and financial strategies, approving their respective short and medium-term programs.
That subsections a) and j) of Article 54 of the aforementioned Law indicate as attributions of the Board of Directors of the BCB to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and faculties assigned to it by the Law, as well as to set the interest rate of the credits granted by the BCB.
That subsection e) of Article 59 of Law No. 1670 provides as one of the attributions of the President of the BCB to exercise the legal representation of the BCB, without prejudice to its faculties of delegation according to said Law.
That Article 7 of the Regulation for the contracting of Liquidity Credits approved by Ministerial Resolution No. 021/2023 regulates the negotiation and contracting of credits requested by that portfolio of the State.
That the Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670 has the object of regulating Articles 22 and 23 of Law No. 1670, which establish the requirements and procedures for the approval of credits to the Public Sector.
That said Regulation, in its Article 10, establishes the requirements for the consideration of credit for temporary liquidity needs.
That Article 11 of the aforementioned Regulation states that upon receipt of the credit request and the documentation established in Article 10, prior consideration by the Board of Directors, the Acting President of the BCB will request: i) a technical report from the GOM specifying the outstanding debt balance as of the date of the request, future payment maturities of the TGN to the BCB, and suitability of the public value offered to back the operation; ii) a report from the GAL regarding compliance with regulations and submission of required documentation; iii) a report from the APEC considering the impact of said credit on the Monetary Program that is part of the Execution Decision of the Fiscal-Financial Program that the highest authorities of the Central Bank of Bolivia and the Ministry of Economy and Public Finance sign annually.

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That Article 12 of the mentioned Regulation establishes the financial conditions, where the Board of Directors will set interest rates and the term considering, as a reference, the prevailing public security yields in the market in either of the two currencies, in relation to the credit request of the Ministry of Economy and Public Finance.
That Article 13 of the aforementioned Regulation provides that the Board of Directors of the BCB will consider the reports presented by the areas, and if appropriate, approve the credit through the favorable vote of two-thirds of its members present at a Board of Directors session and for that effect will issue an express Resolution.
That Article 14 of the mentioned Regulation establishes that the Board of Directors Resolution will approve the granting of the credit and the Public Credit Contract between the Ministry of Economy and Public Finance and the Central Bank of Bolivia.
That items 1) and 10) of Article 10 of the BCB Statute establish that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law, as well as to approve by two-thirds of the votes, of the members present, credits to the General Treasury of the Nation to attend to temporary liquidity needs, within the limits of the Monetary Program.
That Articles 26 and item 13) of Article 34 of the BCB Statute determine that every project of Board of Directors 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 Legal Affairs Management. These reports must be sent to the Board of Directors through the General Management with its recommendation. Likewise, among the attributions of the President of the BCB is that of subscribing the contracts that the BCB concludes.
That the Execution Decision of the 2024 Financial Fiscal Program and its revisions establish the amount for Liquidity credits in favor of the TGN for the 2024 management year.
That the Ministry of Economy and Public Finance through Note MEF P/VTCP/DGCP/UEPS/No. 589/2024, within the framework of subsection b) of Article 22 of Law

//5. B.R. No. 161/2024

No. 1670, requests the granting of a Liquidity Credit with the following characteristics: i) amount and currency Bs2,500,000,000.00 (Two Thousand Five Hundred Million 00/100 Bolivianos), ii) term: 1 year, iii) principal payment: at maturity, iv) interest payment: at maturity, v) backing value: Negotiable Treasury Bonds. To this effect, in compliance with what is established in the “Regulation for the approval of Credits to the Public Sector within the Framework of Law No. 1670”, it sends the payment plan, disbursement schedule, and monthly cash flow of the TGN projected, including reimbursements to the BCB.

That report BCB-GOM-SOSP-DCE-INF-2024-71 from the GOM concludes that the Liquidity Credit request requested by the Ministry of Economy and Public Finance to the General Treasury of the Nation for the 2024 management year for an amount of Bs2,500,000,000.00 (Two Thousand Five Hundred Million 00/100 Bolivianos), falls within what is established in the Regulation for the approval of Credits to the Public Sector, approved via Board Resolution No. 110/2019 and recommends that the Board of Directors of the BCB approve the financial conditions of the credit detailed in the cited Technical Report.
That report BCB-APEC-SMF-INF-2024-61 from the APEC concludes that the request of the Ministry of Economy and Public Finance made through note MEF P/VTCP/DGCP/UEPS/No. 589/2024 of date November 21, 2024 is within the modification of the Monetary Program, the II Revision of the Financial Fiscal Program, and the modification of the schedule of the BCB liquidity credit to the TGN; therefore, it recommends to the Board of Directors of the BCB to approve the liquidity credit requested by the MEF P.
That report BCB-GAL-SANO-DLBCI-INF-2024-493 from the GAL concludes that the public sector credit request to attend to temporary liquidity needs, made by the Ministry of Economy and Public Finance, is legally procedent, recommending its consideration by the Board of Directors of the BCB, for its approval with the favorable vote of at least two-thirds of the members present, through an express Resolution and authorization to the President of the BCB for the subscription of the respective contract.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

//6. B.R. No. 161/2024

Article 1.- Within the framework of what is established in subsection b) of Article 22 and Article 23 of Law No. 1670 and in accordance with the Monetary Program and the II Revision of the 2024 Financial Fiscal Program, approve the granting of a Liquidity Credit in favor of the TGN – Management 2024, represented by the Ministry of Economy and Public Finance, under the following terms and conditions:

Concept	Detail
Amount:	Bs2,500,000,000.00 (Two Thousand Five Hundred Million 00/100 Bolivianos).
Currency:	Bolivianos.
*Term ():**	1 year.
Interest Rate:	4.10% annual.
Payment Frequency:	Annual for principal and interest.
Guarantee:	Negotiable Treasury Bonds – Amortizable.

(*) The term is calculated from the first disbursement

Article 2.- Authorize the Acting President of the BCB to subscribe the Contract with the Ministry of Economy and Public Finance under the terms of this Resolution.

Article 3.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.

La Paz, November 27, 2024

SIGNED. ROGER EDWIN ROJAS ULO, Gumerindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert, Miguel Angel Marañon Urquidi, Víctor Gonzalo Calisaya Gomez.