Board Resolution No. 90/2026 Approving the Foreign Exchange Position Regulation for Financial Intermediation Entities

BOARD BOARD RESOLUTION NO. 90/2026 SUBJECT: ECONOMIC POLICY ADVISORY - FINANCIAL ENTITIES MANAGEMENT - APPROVING THE FOREIGN EXCHANGE POSITION REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES.

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. Board Resolution No. 50/2026 of April 28, 2026, which approves the Foreign Exchange Position Regulation for Financial Intermediation Entities and its modifications. Board Resolution No. 88/2026 of June 26, 2026, which approves the BCB Foreign Exchange Operations Regulation. Board Resolution No. 85/2026 of June 23, 2026, which approves the BCB Statute. The report BCB-APEC-SPMEE-INF-2026-22 of June 26, 2026, issued by the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF). The report BCB-GAL-SANO-DLBCI-INF-2026-156 of June 26, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING: That the Political Constitution of the State in its article 327 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. In its article 328 it states that the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, has among its attributions to determine and execute monetary policy, execute foreign exchange policy, regulate the payment system, authorize the issuance of currency and administer the International Reserves.

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That Law No. 1670 in its article 1 determines that the BCB 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. It is the sole monetary and foreign exchange authority of the country, with administrative, technical and financial competence and specialized regulatory powers of general application. In its article 3 it establishes that the BCB will formulate policies of general application in monetary, foreign exchange and payment system matters for the fulfillment of its object.

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

That articles 44 and 54 subsections a) and o) of Law No. 1670 provide that the highest authority of the BCB is its Board of Directors, responsible for defining its policies, specialized regulations of general application and internal rules; as well as establishing administrative, operational and financial strategies of the Issuer Entity, approving their respective short and medium-term programs, which has the attributions to issue the rules and adopt the general decisions necessary for the Issuer Entity to fulfill the functions, competencies and powers assigned by Law; as well as 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 an additional administrative act.

That the Foreign Exchange Position Regulation for Financial Intermediation Entities, in its article 1, establishes that its object is to regulate the foreign exchange position of Financial Intermediation Entities in denominations other than the national currency, in order to preserve the stability of the financial system, assist in the execution of foreign exchange policy and maintain the necessary control over the aggregated active and passive positions of Financial Intermediation Entities.

That the Foreign Exchange Operations Regulation in its article 1 establishes that its object is to establish the procedures for the determination of the Official Exchange Rate (TCO) of the Boliviano in relation to the United States dollar (USD).

That the BCB Statute in numerals 1), 10) and 22) of its article 11 determines that the Board has the attributions to approve general decisions and issue the necessary rules for the BCB to fulfill the functions, competencies and powers assigned by Law; approve the rules for the execution of foreign exchange policy and 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 an additional administrative act.

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CONSIDERING: That through the report BCB-APEC-SPMEE-INF-2026-22, the APEC and GEF conclude and recommend to the BCB Board of Directors to approve the Foreign Exchange Position Regulation for Financial Intermediation Entities, incorporating the proposed modifications, with the objective of strengthening the conduct of foreign exchange policy.

That through report BCB-GAL-SANO-DLBCI-INF-2026-156, the GAL concludes that from the analysis carried out and in attention to the antecedents sent by the APEC and GEF, it is found that the proposal for a new Foreign Exchange Position Regulation for Financial Intermediation Entities is legally viable as it does not violate the current legal framework, therefore it corresponds to the BCB Board of Directors its approval in accordance with what is established in article 54 subsections a) and o) of Law No. 1670 and article 11 numerals 1), 10) and 22) of the BCB Statute.

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

Article 1.- Approve the Foreign Exchange Position Regulation for Financial Intermediation Entities, which forms part of this Resolution as an Annex.

Article 2.- This Board Resolution will enter into force from its publication.

Article 3.- From the validity of this Resolution, the Foreign Exchange Position Regulation for Financial Intermediation Entities, approved by Board Resolution No. 50/2026 of April 28, 2026 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

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David Iván Espinoza Torrico PRESIDENT a.i. Claudia Haydee Pacheco Ayala DIRECTOR a.i. Walter Fernando Orellana Rocha DIRECTOR a.i. Dennise Sussan Martin Alarcón DIRECTOR a.i. Alvaro Alfonso Romero Villavicencio DIRECTOR a.i.

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ANNEX FOREIGN EXCHANGE POSITION REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES

Article 1.- (Object) The present Regulation has as its object to regulate the foreign exchange position of Financial Intermediation Entities in denominations other than the national currency, in order to preserve the stability of the financial system, assist in the execution of foreign exchange policy and maintain the necessary control over the aggregated active and passive positions of Financial Intermediation Entities.

Article 2.- (Terms and Abbreviations) For the purposes of this Regulation, the following terms and abbreviations are used:

Business Day: From Monday to Friday, does not include Saturdays, Sundays or holidays. National Currency (NC): Currency that refers exclusively to the Boliviano. Foreign Currency (FC): Monetary unit of the United States of America called the United States dollar. Other Foreign Currencies (OFC): All other currencies indicated in the BCB quotation table except the United States dollar. Includes virtual assets. UFV: Housing Development Unit. National Currency with Value Maintenance (MVDOL): Unit of account that allows the maintenance of the value of the Boliviano with respect to the United States dollar. National Currency with Value Maintenance in relation to the Housing Development Unit (MNUFV): Denomination that allows the maintenance of the value of the Boliviano in relation to the Housing Development Unit. Accounting Equity: The equity that arises from the consolidated Statement of Financial Position of a Financial Intermediation Entity.

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Long Position: It is the excess of assets over liabilities in a specific denomination. Short Position: It is the excess of liabilities over assets in a specific denomination. Balanced Position: It is the equality or balance between liabilities and assets in a specific denomination. Foreign Exchange Position: Long, short or balanced position. Investment in Fixed Assets: Tangible goods that are used in the entity's activity and are not intended for sale; likewise, they include rented goods and goods for the use of personnel that are not affected to the use of the entity. Net Equity: Accounting equity minus investment in fixed assets. Compensatory Reserves: It is the sanction for non-compliance with the foreign exchange position limit. Recomposition Reserves: It is the sanction for increases in Obligations with the public and Obligations with public companies, excluding the accrual of interest.

Article 3.- (Calculation of the Position). The foreign exchange position calculation will be carried out daily, based on the balances at the close of each business day. The calculations of the foreign exchange positions for each denomination defined in article 2 will be carried out in national currency and independently for NC/UFV, MVDOL and for the sum of FC and OFC.

Article 4.- (Foreign Exchange Position Limits). Financial Intermediation Entities may maintain foreign exchange positions in accordance with the following limits: a) For the sum of positions in FC and OFC, the following limits are established:

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1. Multiple Banks, SME Banks, Housing Financial Entities, Open and Societal Savings and Credit Cooperatives and State Financial Entities or with Majority State Participation: A long position up to the equivalent of 10% (TEN PERCENT) of the value of the entity's net equity. Financial Intermediation Entities whose net equity registers a negative value will be automatically considered in non-compliance with this Regulation. A short position up to the equivalent of 50% (FIFTY PERCENT) of the entity's accounting equity.

2. Development Financial Institutions (DFI): A long position up to the equivalent of 40% (FORTY PERCENT) of the value of the entity's net equity, from June 16, 2026. A long position up to the equivalent of 20% (TWENTY PERCENT) of the value of the entity's net equity, from June 30, 2026. A short position up to the equivalent of 50% (FIFTY PERCENT) of the entity's accounting equity, from June 30, 2026.

b) For the position in MVDOL, a balanced position equivalent to 0% (ZERO PERCENT) of net equity is established, with a permitted margin of long or short position up to 1% of the entity's Net Equity. c) For the position in MNUFV, a long position up to the equivalent of 20% (TWENTY PERCENT) of accounting equity is established.

Article 5.- (Follow-up of the Foreign Exchange Position). The Financial Entities Management of the BCB will carry out the follow-up of the foreign exchange position of Financial Intermediation Entities, based on the daily information sent by these entities to the Financial System Supervision Authority (ASFI).

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Article 6.- (Sanctions). a) Compensatory Reserve (REC) Non-compliance with the foreign exchange position limits is considered when the financial intermediation entity exceeds the maximum limits established in long position for more than three (3) consecutive business days within the same reserve requirement constitution period, in which case:

i. Verified non-compliance in an initial reserve requirement constitution period (period 0), the entity must constitute a Compensatory Reserve (REC) equivalent to two percent (2%) of its obligations subject to reserve requirements in NC, which will be applied at the beginning of the immediately subsequent reserve requirement constitution period (period 1), during which the corresponding resources will remain immobilized without remuneration. An entity will be sanctioned while it maintains resources in the REC.

ii. Once the entity complies with the established long position limits, the release of the resources corresponding to the REC will take effect from the reserve requirement constitution period immediately following that in which such compliance is verified.

iii. If at the end of the reserve period (period 1) the entity has not regularized its foreign exchange position within the established limits, the REC will be increased by two percentage points (2pp) additional, reaching a total of four percent (4%) of the obligations subject to reserve requirements. This level of REC must be maintained, for a minimum of two (2) reserve periods (periods 2 and 3) and will remain in effect until the entity regularizes its foreign exchange position.

iv. The verification of compliance with the foreign exchange position limits, as well as the determination and application of the REC, will be carried out in each reserve requirement constitution period by the Financial Entities Management of the BCB.

v. The RECs will be constituted with resources from the current account and reserve account in NC in a specific account administered by the BCB.

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b) Recomposition Reserves (RR)

i. When there is an increase in the balances in FC and OFC of the Obligations with the public and Obligations with public companies, excluding the accrual of interest, a reserve must be constituted in its equivalent in NC under the concept of Recomposition Reserve (RR), which will be calculated based on the official exchange rate published by the BCB on the day of the EIF's non-compliance. An entity will be sanctioned while it maintains resources in the RR.

ii. The RR will be constituted with resources from the current account and reserve account in NC in a specific account administered by the BCB.

iii. The verification of the modification of the balances of the mentioned accounts, as well as the determination and application of the RR, will be carried out by the Financial Entities Management of the BCB with daily information taking as a comparison base May 12, 2026 for Multiple Banks, SME Banks, Housing Financial Entities, Open and Societal Savings and Credit Cooperatives and State Financial Entities, and June 16, 2026 for DFIs and BDP.

Article 7.- (Compliance Control). The ASFI, in the use of the attributions conferred by Law No. 393, will establish the control rules for the compliance with this Regulation.

Article 8.- (Position Liquidation). To adjust to the foreign exchange position limits registered on the date of publication of this Regulation, exceptionally DFIs and BDP may reduce in advance their positions in the funds: Fund for Credits destined to the Productive Sector and Social Housing II (CPVIS II), Fund for Credits destined to the Productive Sector and Social Housing III (CPVIS III) and Fund for Credits destined to the Productive Sector (CPRO), at the official exchange rate. Likewise, they may request the liquidation of their guarantees in the CPVIS II, CPVIS III and CPRO funds at the official exchange rate.

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