Board Resolution No. 88/2026 Approving the Foreign Exchange Operations Regulation

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 88/2026
SUBJECT: ECONOMIC POLICY ADVISORY - INTERNATIONAL OPERATIONS MANAGEMENT - APPROVAL OF THE FOREIGN EXCHANGE OPERATIONS REGULATION.

VIEWED:
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.
Ministerial Resolution No. 245 of the Ministry of Economy and Public Finances of June 26, 2026.
The BCB Statute approved by Board Resolution No. 85/2026 of June 23, 2026.
The Foreign Exchange Operations Regulation approved by Board Resolution No. 63/2013 of June 11, 2013 and its modifications.
The report BCB-APEC-SPMEE-INF-2026-20 of June 26, 2026, from the Economic Policy Advisory (APEC) and the International Operations Management (GOI).
The report BCB-GAL-SANO-DLBCI-INF-2026-155 of June 26, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:
That the Political Constitution of the State determines in paragraph I of its article 326 that the State, through the Executive Branch, will determine the monetary and exchange rate policy objectives of the country, in coordination with the BCB. Likewise, in numeral 2 of paragraph I of its article 328, it establishes that it is the attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, to execute the exchange rate policy.

BOARD OF DIRECTORS
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That Law No. 1670 in its article 1 provides that the BCB is the sole monetary and exchange rate authority of the country, with administrative, technical, and financial competence and specialized normative powers of general application. In its article 3, it determines that the BCB will formulate general application policies in monetary, exchange rate, and payment system matters to fulfill its purpose. That Law No. 1670, in its article 44, provides that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized norms of general application, and internal norms. In subsections a), c), and o) of its article 54, it establishes that the Board has the attributes to issue norms and adopt general decisions necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to monitor the execution of monetary, exchange rate, credit, financial intermediation, international reserves administration, and other policies and regulations corresponding to the BCB in accordance with the Law; and to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for any additional administrative act. That the BCB Statute in numerales 1), 10), 22), and 51) of its article 11 determines that the Board has the attributes to approve general decisions and issue norms necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, to approve norms for the execution of exchange rate policy, to approve, modify, and interpret the Statute and Regulations of the BCB by two-thirds of the votes of its members, without the need for an additional administrative act, and other attributes necessary for the fulfillment of its functions. That the Foreign Exchange Operations Regulation in its article 1 establishes that its object is to regulate the procedures for the determination of the exchange rate of the Boliviano and for the purchase and sale of United States dollars by the BCB with financial entities and the general public.

CONSIDERING:
That through report BCB-APEC-SPMEE-INF-2026-20 of June 26, 2026, APEC and GOI conclude that it is necessary to have updated procedures for the determination of the official exchange rate, for which they recommend the approval of a new Foreign Exchange Operations Regulation, within the framework of the new exchange rate regime determined by the Executive Branch.

BOARD OF DIRECTORS
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That through report BCB-GAL-SANO-DLBCI-INF-2026-155, GAL concludes that the proposal for the Foreign Exchange Operations Regulation and its Annexes I and II is legally viable as it does not violate the current legal framework, for which it corresponds to the Board of Directors of the BCB to approve it in accordance with what is established in article 54 subsections a), c), o), and q) of Law No. 1670 and article 11 numerales 1), 10), 22), and 51) of the BCB Statute.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the Foreign Exchange Operations Regulation and its Annexes I and II, which form part of this Resolution.
Article 2.- The approved Foreign Exchange Operations Regulation will enter into force from its publication.
Article 3.- From this date, the Foreign Exchange Operations Regulation approved by Board Resolution No. 63/2013 of June 11, 2013 and its modifications are hereby repealed.
Article 4.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, June 26, 2026
David Iván Espinoza Torrico
PRESIDENT a.i.

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Claudia Haydee Pacheco Ayala
DIRECTOR a.i.
Walter Fernando Orellana Rocha
DIRECTOR a.i.
BOARD OF DIRECTORS
Dennise Sussan Martin Alarcón
DIRECTOR a.i.
Alvaro Alfonso Romero Villavicencio
DIRECTOR a.i.

BOARD OF DIRECTORS
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ANNEX I
FOREIGN EXCHANGE OPERATIONS REGULATION
CHAPTER I
OBJECT
Article 1.- (Object)
The present Regulation has the object of establishing the procedures for the determination of the Official Exchange Rate (OER) of the Boliviano in relation to the United States dollar (USD).
Article 2.- (Scope)
The provisions of this Regulation will be applied by public sector entities, by Financial Entities authorized by the Financial System Supervision Authority (ASFI), and by private natural and legal persons that carry out foreign exchange operations.
CHAPTER II
EXCHANGE RATE POLICY
Article 3.- (Exchange Rate Policy)
Within the framework of the exchange rate flexibility regime established by Ministerial Resolution of the Ministry of Economy and Public Finances No. 245 of June 26, 2026, the Exchange Rate Policy executed by the Central Bank of Bolivia (BCB) is oriented towards preserving the stability of the national currency, contributing to inflation control, the proper functioning of the financial system, and the equilibrium of the external sector.
CHAPTER III
DETERMINATION OF THE OFFICIAL EXCHANGE RATE
Article 4.- (Reference Currency for the Exchange Rate)
The exchange rate will be determined in relation to the United States dollar (USD).

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Article 5.- (Official Exchange Rate)
I. The Official Exchange Rate (OER) will be determined daily as the result of the weighted average of the foreign exchange purchase operations carried out by Multiple Banks, PymE Banks, and the Public Bank with their clients. The methodology for the calculation of the OER is detailed in Annex II.
II. The ASFI will instruct the entities described in the previous paragraph I to remit their foreign exchange purchase operations by 17:00 hours each day, establishing the corresponding sanctions in cases of non-compliance, within the framework of its regulations.
III. Each business day at 20:00 hours, the BCB will publish on its website the OER that will be valid the following day for public sector operations and BCB operations, and for accounting and valuation records.
IV. The OER will be the reference for foreign exchange operations carried out by economic agents and the general public.
Article 6.- (Reference Sale Value)
The reference sale value of the USD is defined as the result of adding 10 cents of Boliviano to the OER. Financial Entities may not sell USD above the reference sale value.
Article 7.- (Supervision and Compliance)
The BCB, in coordination with the ASFI, will carry out periodic inspections on the foreign exchange operation reports sent by the indicated entities. The provision of false information or the selective omission of operations will be sanctioned as an offense under current regulations.

BOARD OF DIRECTORS
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ANNEX II
METHODOLOGY FOR THE CALCULATION
OF THE OFFICIAL EXCHANGE RATE
The official exchange rate (OER) corresponds to the weighted average of the purchase operations of United States dollars with Bolivianos, between 00:00 and 17:00 hours of each business day, carried out by Financial Intermediation Entities (FIE) defined in the Foreign Exchange Operations Regulation.
2. Methodology:
The calculation of the OER will include only the purchase operations of United States dollars with Bolivianos. Operations between FIEs are excluded from this calculation.
The following variables are defined:
OER_t: Official Exchange Rate on day t.
TC_i,t: Exchange Rate of operation i, corresponding to day t.
M_i,t: Amount in United States dollars of operation i, corresponding to day t.
OER_t =
3. Collection:
The FIEs must provide the information required by the Central Bank of Bolivia (BCB) through the established channels by 17:00 hours of each business day.
4. Publication:
The OER will be published by the BCB on its website, each business day from 20:00 hours.
The value will be rounded to the second decimal place for publication and will be valid for the next business day.
In the case of Saturdays, Sundays, and holidays, the OER will be the one corresponding to the previous business day.
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