Directorate Resolution No. 162/2026: Amendment to the Legal Reserve Regulation for Financial Intermediation Entities

DIRECTORATE

DIRECTORATE RESOLUTION No. 162/2026

SUBJECT: ECONOMIC POLICY ADVISORY AND FINANCIAL ENTITIES MANAGEMENT – AMEND THE LEGAL RESERVE REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES

WHEREAS:

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

Law No. 393 of 21 August 2013, on Financial Services and its amendments.

Directorate Resolution No. 76/2022 of 26 August 2022, which approves the Legal Reserve Regulation for Financial Intermediation Entities and its amendments.

The BCB Statute approved by Directorate Resolution No. 85/2026 of 23 June 2026.

Report BCB-APEC-SPMEE-INF-2026-64 of 10 November 2026, from the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF).

Report BCB-GAL-SANO-DLBCI-INF-2026-284 of 10 November 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its articles 1, 2 and 3 provides that the BCB is the sole monetary and exchange authority of the country, with administrative, technical and financial competence and specialized regulatory powers of general application. The purpose of the BCB is to seek the stability of the internal purchasing power of the national currency. The BCB shall formulate policies on monetary, exchange and payment system matters for the fulfillment of its purpose.

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

That the aforementioned Law in its article 37 states that the BCB shall be depositary of the liquid reserves destined to cover the legal reserve, attend the payment system and other operations with the

DIRECTORATE

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BCB of the financial intermediation entities subject to the authorization and control of the Superintendency of Banks and Financial Entities, currently ASFI.

That articles 44 and 54 subparagraphs a) and o) of Law No. 1670 provide that the highest authority of the BCB is its Directorate, which is responsible for defining its policies, specialized regulations of general application and internal norms; as well as establishing administrative, operational and financial strategies of the Issuing Entity, approving its respective short- and medium-term programs. The Directorate has the attributions to issue the norms and adopt the general decisions necessary for the BCB to fulfill the functions, competences and powers assigned to it by Law, as well as to approve, amend 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 paragraph I of article 426 of Law No. 393 provides that Financial Intermediation Entities must at all times have adequate levels of liquidity to guarantee the continuity of their operations and the timely fulfillment of their obligations.

That the Legal Reserve Regulation for Financial Intermediation Entities in its article 1 establishes that its purpose is to set and regulate the administration of the legal reserve and the resources arising from its modification, in order to have instruments of monetary regulation and preservation of the stability of the financial system. In its article 2 it provides that all Financial Intermediation Entities, authorized for operation by the ASFI, are subject to the provisions of this Regulation.

That the BCB Statute in its article 11 numerals 1), 6), 22) and 50), determines that the Directorate has the attributions to approve the general decisions and issue the norms necessary for the BCB to fulfill the functions, competences and powers assigned to it by Law; establish legal reserves of mandatory compliance by financial intermediation entities by absolute majority of votes and approve their composition, amount, calculation, characteristics, forms of administration, custody and remuneration; approve, amend and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for additional administrative act and approve modifications of any determination and provision established by the Directorate, as well as carry out their monitoring.

CONSIDERING:

That through report BCB-APEC-SPMEE-INF-2026-64, the APEC and the GEF conclude

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that, within the framework of the measures aimed at the gradual restoration of operations in US dollars of the financial system, it is necessary to establish mechanisms that strengthen the liquidity management of financial intermediation entities in said currency, for which they recommend the creation of an auxiliary liquidity account in US dollars.

That through report BCB-GAL-SANO-DLBCI-INF-2026-284, the GAL concludes that the proposal of the APEC and the GEF to amend the Legal Reserve Regulation for Financial Intermediation Entities is legally viable as it does not violate the current legal order, so it corresponds to the BCB Directorate to approve it in accordance with the provisions of article 54 subparagraphs a) and o) of Law No. 1670 and article 11 numerals 1), 6), 22) and 50) of the BCB Statute.

THEREFORE,
THE DIRECTORATE OF THE CENTRAL BANK OF BOLIVIA, RESOLVES:

Article 1.- Incorporate article 51 into the Legal Reserve Regulation for Financial Intermediation Entities:

“Article 51 (Auxiliary Liquidity Account).

I. The Auxiliary Liquidity Account is created for all EIFs that maintain a Current and Reserve Account and a Foreign Currency Reserve Account at the BCB, destined for the receipt of resources in dollars. The balances and statements will be available for consultation by the EIFs online through the Integrated Payment Settlement System – LIP and will form part of the publication of weekly statistics on the BCB website.

II. The BCB will maintain one hundred percent (100%) of the balances of this Account in liquid resources in foreign currency without remuneration.

III. The Auxiliary Liquidity Account will receive credits in US dollars from:

a) transfers from abroad;

b) cash deposits in the BCB vaults;

c) transfers from other EIFs from their auxiliary liquidity accounts;

d) Open Market Operations; and

e) transfers of the surplus of legal reserve made by the BCB, according to schedule.

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IV. Against the balances in this Account, the EIFs may carry out:

a) transfers abroad;

b) cash withdrawals from the BCB vaults;

c) transfers to other EIFs to their auxiliary liquidity accounts;

d) Open Market Operations; and

e) sale of US dollars to the BCB.

V. The surplus of legal reserve in US dollars as of 10 November 2026 will be transferred to the Auxiliary Liquidity Account gradually, according to the schedule published by the BCB until Friday 13 November 2026.

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

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

La Paz, 11 November 2026

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