Board Resolution No. 172/2025

D I R E C T O R I O

BOARD RESOLUTION NO. 172/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVES THE GRANTING OF AN EXCEPTIONAL LIQUIDITY CREDIT TO THE GENERAL TREASURY OF THE NATION UNDER LAW NO. 1670 – 2025 MANAGEMENT.

VISTOS:

The Political Constitution of the State of February 7, 2009.

Law No. 1670 of the Central Bank of Bolivia (BCB) of October 31, 1995, and its modifications.

The Regulation for the Contracting of Liquidity Credits approved by Ministerial Resolution No. 021 of January 25, 2023, and its modification.

The Regulation for the Approval of Credits to the Public Sector under Law No. 1670 approved via Board Resolution No. 110/2019 of August 27, 2019.

The BCB Statute approved by Board Resolution No. 095/2022 of October 6, 2022.

The Second Revision of the Execution Decision of the 2025 Fiscal-Financial Program signed on November 25, 2025, between the Ministry of Economy and Public Finances (MEFP) and the BCB.

The note MEFP/VTCP/DGCP/UEPS/No. 544/2025 of November 26, 2025 from the MEFP.

The report BCB-APEC-INF-2025-16 of November 26, 2025 from the Economic Policy Advisory (APEC).

The report BCB-GOM-SOSP-DCE-INF-2025-79 of November 26, 2025 from the Monetary Operations Management (GOM).

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The report BCB-GAL-SANO-DLBCI-INF-2025-400 of November 26, 2025 from the Legal Affairs Management (GAL).

CONSIDERING:

That the Political Constitution of the State in paragraph I of article 326 determines that the State through the Executive Branch will determine the objectives of the country's monetary and exchange rate policy in coordination with the BCB.

That in its article 327 it 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 Law No. 1670, in subsection b) of its article 22, provides that the BCB 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, 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.

That article 44 of the cited legal body states that the Board is responsible for defining its policies, specialized regulations of general application, and internal rules; as well as for establishing administrative, operational, and financial strategies, approving their respective short and medium-term programs.

That subsections a) and j) of article 54 of the cited Law indicate as attributions of the BCB Board, to issue regulations and adopt general decisions that were

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necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned to it by the Law, as well as to set the interest rate of the credits granted by the BCB.

That article 57 of Law No. 1670 states that the President is the first executive authority of the Institution. Therefore, he is responsible for directing and supervising the work leading to the formulation of policies and specialized regulations of general application and the definition of administrative, operational, and financial strategies of 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 his powers 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 the MEFP.

That the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, in its article 10, establishes the requirements for the consideration of credit for temporary liquidity needs.

That the aforementioned Regulation, in its article 11, states that upon receipt of the credit request and the documentation established in article 10, prior to the consideration of the Board, the President of the BCB will request: i) 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 offered public value to back the operation; ii) report from the GAL regarding compliance with regulations and presentation of the required documentation; iii) report from the APEC considering the impact of said credit on the Monetary Program that the highest authorities of the BCB and the MEFP sign annually.

That the aforementioned Regulation, in its article 12, establishes the financial conditions, providing that the Board will set the interest rates and term considering, as

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reference, the prevailing public security yields in the market in either of the two currencies, in relation to the credit request of the MEFP.

That article 13 of the Regulation provides that the BCB Board will consider the reports presented by the areas, and if appropriate, approve the credit by the favorable vote of two-thirds of its members present at a Board session and for this effect will issue an express Resolution.

That article 14 of the aforementioned Regulation establishes that the granting of the Credit will be approved via Board Resolution and the subscription of the Public Credit Contract between the MEFP and the BCB will be authorized.

That the BCB Statute in numerals 1) and 10) of its article 10 establishes that the Board of the Issuing Entity has the attributions to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies, and powers 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 article 26 and numeral 13) of article 34 of the BCB Statute determine that every draft Board 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 issued to the Board through the General Management with its recommendation. Likewise, among the attributions of the President of the BCB is the signing of contracts entered into by the BCB.

That the Second Revision of the Execution Decision of the 2025 Fiscal-Financial Program contemplates net liquidity credits (gross credit minus amortizations) for 2025.

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CONSIDERING:

That the MEFP via Note MEFP/VTCP/DGCP/UEPS/No. 544/2025, under subsection b) of article 22 of Law No. 1670, requests the granting of a liquidity credit with the following characteristics: i) amount and currency: Bs16,000,000,000.00 (Sixteen Billion 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 end, in compliance with what is established in the “Regulation for the Approval of Credits to the Public Sector under Law No. 1670”, it attaches as an annex the monthly cash flows of the TGN projected including repayments to the BCB, the list of serial numbers of the Negotiable Treasury Bonds that this State Portfolio will deliver simultaneously to the disbursements made by the BCB in favor of the TGN as backing for the exceptional credit to be granted, payment plan, disbursement schedule, a legalized copy of Presidential Decree No. 5486, of November 9, 2025, of appointment to the position, and a simple photocopy of the identity document of the Minister of Economy and Public Finances.

That the APEC in its report BCB-APEC-INF-2025-16, concludes that the 2025 Monetary Program, the second revision of the PFF2025, and the modification of the BCB liquidity credit schedule to the TGN 2025 contemplate disbursements of the BCB liquidity credit to the TGN of Bs4,000 million in November and Bs12,000 million in December. Therefore, the request made by the MEFP via note MEFP/VTCP/DGCP/UEPS/No. 544/2025, for Bs16,000 million, is within what is foreseen. Likewise, that under subsection b) of article 22 of Law No. 1670 and the analysis performed, it recommends to the BCB Board to approve the liquidity credit requested by the MEFP via note MEFP/VTCP/DGCP/UEPS/No. 544/2025, for an amount of up to Bs16,000 million, with disbursements of Bs4,000 million in November and Bs12,000 million in December.

That the GOM via report BCB-GOM-SOSP-DCE-INF-2025-79, concludes that under the auspices of Law No. 1670, the request made by the MEFP for a Liquidity Credit to the General Treasury of the Nation for the 2025 management, for an amount of Bs16,000,000,000.00 (Sixteen Billion 00/100 Bolivianos), is framed within the Regulation for the Approval of Credits to the Public Sector, approved via Board Resolution

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No. 110/2019. Likewise, that the credit operation will be documented by values represented in Negotiable-Amortizable Treasury Bonds, which will be registered by the MEFP in the Securities Market Registry of the ASFI. The payment of the Liquidity Credit is scheduled for November 2026, according to the TGN Cash Flow presented by the MEFP; therefore, it recommends to the Board to consider the approval of the financial conditions of the credit detailed in the cited technical report.

That report BCB-GAL-SANO-DLBCI-INF-2025-400, concludes that the exceptional liquidity credit request, made by the MEFP via note MEFP/VTCP/UEPS/No. 544/2025, is legally appropriate and falls within what is provided for in subsection b) of article 22 of Law 1670, considering what is stated in the technical report BCB-APEC-INF-2025-16 of the APEC and the technical report BCB-GOM-SOSP-DCE-INF-2025-79 of the GOM. Likewise, it establishes that the MEFP has complied with the presentation of the documentation provided for in the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, approved via Board Resolution No. 110/2019; therefore, the MEFP's request must be submitted to the consideration of the BCB Board for the application of numeral 12.1 of article 12 of the aforementioned Regulation, for the approval of the liquidity credit with the favorable vote of at least two-thirds of the members present, via express resolution and once approved, it can authorize the Acting President of the BCB to sign the respective Contract, as provided in subsections a) and j) of article 54 of Law No. 1670, article 13 of the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, and numeral 10) of article 10 of the BCB Statute. Likewise, it is the responsibility of the MEFP to properly execute the resources in accordance with current regulations.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Within the framework of what is established in subsection b) of article 22 and article 23 of Law No. 1670, in accordance with the Monetary Program and the revisions of the Execution Decision of the 2025 Fiscal-Financial Program, approve the granting of an

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Exceptional Liquidity Credit in favor of the TGN – 2025 Management, represented by the Ministry of Economy and Public Finances, under the following terms and conditions:

Amount: Bs16,000,000,000.00 (Sixteen Billion 00/100 Bolivianos) Currency: Bolivianos.
Term (*): 1 year.
Interest Rate: 9.89% 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 sign the contract with the MEFP 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 26, 2025

SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Álvaro Alfonso Romero Villavicencio

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