BOARD OF DIRECTORS

BOARD RESOLUTION NO. 164/2023

SUBJECT: MONETARY OPERATIONS MANAGEMENT – REPEAL BOARD RESOLUTION NO. 075/98.

VIEWING:

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
• The Statute of the Central Bank of Bolivia, approved by Board Resolution No. 095/2022 of October 6, 2022.
• Board Resolution No. 075/28 of August 11, 1998.
• Board Resolution No. 108/2023 of August 2, 2023, which approves the Open Market Operations Regulations.
• Report BCB-GOM-SOMA-INF-2023-148 of December 20, 2023, issued by the Monetary Operations Management (GOM).
• Report BCB-GAL-SANO-DLBCI-INF-2023-434 of December 21, 2023, issued by the Legal Affairs Management (GAL).

CONSIDERING:

That the Political Constitution of the State in its Articles 327 and 328 determines that the BCB has the function of maintaining the stability of the internal purchasing power of the currency to contribute to economic and social development and that, among its attributions in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by law, it has the power to determine and execute monetary policy.

That Law No. 1670 in its Article 3 provides that the BCB formulates policies of general application in monetary matters for the fulfillment of its objective, for which through Article 6 the BCB is authorized to execute monetary policy and regulate the quantity of money and the volume of credit according to its monetary program, being able to this effect, issue, place and acquire securities and carry out other open market operations, such as all repo operations.

That said Law, in subsections a) and d) of its Article 54 establishes that they are attributions

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of the Board of Directors of the BCB to issue norms and adopt general decisions that were necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, to issue the norms for the open market operations carried out by the BCB.

That items 1) and 5) of Article 10 of the BCB Statute determine as attributions of the Board of Directors, to approve general decisions and issue the norms that were necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law; to approve the policy and norms for Open Market Operations, as well as to execute their follow-up on their execution.

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

That Board Resolution No. 075/98 approves the new Regulations for Operations with Certificates of Deposit of the Central Bank of Bolivia.

That Board Resolution No. 108/2023 of August 2, 2023, approves the Open Market Operations Regulations, which aims to regulate the Open Market Operations carried out by the BCB with the purpose of expanding or contracting liquidity and regulating the volume of credits.

That the Technical Report BCB-GOM-SOMA-INF-2023-148 from the GOM concludes that in order not to have double regulation governing the administration and control of the securities issued by the BCB for monetary regulation purposes, it is necessary to repeal Board Resolution No. 075/98 of August 11, 1998, therefore recommending the repeal of said B.R.

That in Report BCB-GAL-SANO-DLBCI-INF-2023-434 from the GAL concludes that with the Open Market Operations Regulations that regulate Operations with securities in the primary market, among these the Certificates of Deposit, it is necessary to repeal Board Resolution No. 075/98 of August 11, 1998, which approves the Regulations for Operations with Certificates of Deposit (CDs) of the Central Bank of Bolivia, therefore recommending to the Board of Directors to repeal B.R. No. 075/98.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

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Article 1.- Repeal Board Resolution No. 075/98 of August 11, 1998.

Article 2.- The Presidency and General Management are charged with the Compliance of this Resolution.

La Paz, December 21, 2023

SIGNED. ROGER EDWIN ROJAS ULO, Oscar Ferrufino Morro, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.