SBS Resolution No. 00774-2025: Approves the new Regulation on Credit Exchange Rate Risk Management and modifies the Accounting Manual for financial system companies

Lima, February 27, 2025 SBS Resolution No. -00774-2025 The Superintendent of Banking, Insurance and Private Pension Fund Administrators CONSIDERING: That, it is an objective of this Superintendency to ensure that supervised companies have a risk management system that allows them to identify, measure, control and report the risks they face in accordance with the provisions of the Corporate Governance and Integral Risk Management Regulation, approved by SBS Resolution No. 272-2017 and its amending regulations, in order to protect the interests of the public in accordance with Articles 345° and 347° of the General Law of the Financial and Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amending regulations (hereinafter, General Law) and; That, among the risks faced by supervised companies in the development of their activities, is credit exchange rate risk, which is defined as the possibility of facing losses derived from the non-compliance of debtors with local currency income, in the payment of their foreign currency credit obligations, in a scenario of local currency depreciation; That, by SBS Resolution No. 41-2005, the Regulation for the Administration of Credit Exchange Rate Risk was approved, which establishes the minimum requirements for the identification and administration of credit exchange rate risk; That, by Circular N° B-2145-2005, CR-0201-2005, EAF-0229-2005, EDPYME-0117-2005, CM-0332-2005, F-0485-2005 and its amendments, complementary provisions on the administration of credit exchange rate risk were approved; That, by SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Financial System Companies, hereinafter Accounting Manual, was approved; That, it is necessary to replace the Regulation for the Administration of Credit Exchange Rate Risk and the complementary provisions on the administration of credit exchange rate risk to establish a standardized methodology for identifying debtors exposed to said risk; as well as to establish a sensitivity analysis that measures the possible impact of local currency depreciation scenarios on the income and solvency of companies, among other criteria, in order to carry out adequate credit exchange rate risk management; That, likewise, it is necessary to modify the Accounting Manual to adapt it to the provisions of the new Credit Exchange Rate Risk Management Regulation; That, in order to gather public opinions on what was proposed, the dissemination for consultation of the draft resolution on the matter was authorized on the digital headquarters of this Superintendency, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, Supreme Decree No. 001-2009-JUS and the Sole Complementary Transitory Provision of Supreme Decree No. 009-2024-JUS; With the approval of the Deputy Superintendencies of Banking and Microfinance, Risks, Economic Studies and Legal Advisory; and, In use of the powers conferred by numerals 7, 9, 13 and 19 of Article 349°, as well as in Article 350° of the General Law; RESOLVES: Article First. - Approve the new Regulation on Credit Exchange Rate Risk Management, which forms an integral part of this Resolution, as indicated below: “REGULATION ON CREDIT EXCHANGE RATE RISK MANAGEMENT CHAPTER I GENERAL PROVISIONS Article 1°.- Scope This regulation applies to multiple operations companies included in literal A of Article 16° of the General Law, financial leasing companies, surety and guarantee companies, factoring companies, mortgage administration companies, Banco de la Nación, Banco Agropecuario, Corporación Financiera de Desarrollo (COFIDE) and Fondo MIVIVIENDA S.A., hereinafter companies. Article 2°.- Definitions and references For the application of this Regulation, the following definitions must be considered: a) Multilateral development banks: organizations constituted by a set of states, which provide financing and complementary services for development. The organizations to be considered are those listed in Article 16° of the Regulation for the Effective Capital Requirement for Credit Risk, approved by SBS Resolution No. 14354-2009 and its amendments. b) Retail debtor: natural or legal person who has direct or indirect credits classified as consumer (revolving and non-revolving), micro-enterprise, small enterprise or housing mortgage. c) Non-retail debtor: legal person or legal entity that has direct or indirect corporate, large enterprise or medium enterprise credits. d) EBITDA: earnings before interest, taxes, depreciation and amortization. e) Financial system companies: are those companies included in literals A, B and C of Article 16° of the General Law and their foreign equivalents. It includes COFIDE, Banco de la Nación, Banco Agropecuario and Fondo MIVIVIENDA S.A. f) Updated financial statements: are financial statements (FS) available at the evaluation date, whose age is not greater than eighteen (18) months. Consider the following order of precedence: information from the last period declared to the tax authority in the first place and information from the last fiscal year according to audited financial statements in the second place. g) Credit exchange rate risk management: consists of the identification, measurement, evaluation, treatment, control and monitoring of credit exchange rate risk. h) Foreign currency generator: debtor whose percentage of sales or ordinary income in foreign currency with respect to its total sales or ordinary income is greater than 70%. i) Debtor identification: for the purposes of this Regulation, identification is the process that establishes whether a debtor is classified as exposed or not exposed to credit exchange rate risk in accordance with the methodology defined in Chapter II of this Regulation. j) Current portion of long-term debt: is the portion of the long-term financial obligation that matures in less than one (01) year. k) Direct foreign currency debt ratio: is the result of dividing the sum of direct foreign currency debt in the entity and in the financial system by the sum of total direct debt in the entity and in the financial system considering the latest information available at the time of evaluation. l) Debt coverage ratio: is the result of dividing EBITDA by the sum of the current portion of long-term debt and financial expenses. m) Corporate Governance and Integral Risk Management Regulation: Corporate Governance and Integral Risk Management Regulation, approved by SBS Resolution No. 272-2017 and its amendments. n) Credit exchange rate risk: possibility of losses derived from non-compliance in the payment of foreign currency obligations by debtors with local currency income, in a local currency depreciation scenario. o) Latest available debt balance information: corresponds to the latest month's information from the Consolidated Credit Report. Article 3°.- Board of Directors' Responsibility 3.1. The Board of Directors is responsible for the approval and review of policies and procedures for credit exchange rate risk management, in accordance with Article 7° of the Corporate Governance and Integral Risk Management Regulation. 3.2. The Board of Directors is responsible for ensuring that Management adopts the necessary measures to monitor and control this risk. 3.3. The company's risk committee may assume the responsibilities described above, in accordance with Article 12° of the Corporate Governance and Integral Risk Management Regulation. Article 4°.- Risk Unit 4.1. The Risk Unit is responsible for credit exchange rate risk management, within the framework of adequate risk management, in accordance with the Corporate Governance and Integral Risk Management Regulation. 4.2. The Risk Unit must be responsible for verifying and reporting compliance with the policies and procedures established for credit exchange rate risk management; and proposing policies and procedures to the Board of Directors for the control of this risk, such as establishing the requirements that the client must meet to qualify for a foreign currency credit. 4.3. The Risk Unit must propose mitigation measures for all debtors exposed to credit exchange rate risk, such as the conversion of dollar credits to soles in the company, the restriction on increasing direct and indirect foreign currency debt in the company or in the system, among others; even if the debtors do not have foreign currency debt in the company that evaluates them. More rigorous or restrictive mitigation measures must be applied to non-retail debtors exposed under a 10% local currency depreciation scenario. 4.4. The Risk Unit must verify the execution of mitigation measures and present the results to the Board of Directors in accordance with Article 5° of this Regulation. Article 5°.- Semi-annual report on credit exchange rate risk management The Risk Unit must report to the Board of Directors semi-annually on, at least, the following aspects: a) The debt balance of direct credits in national and foreign currency of debtors exposed to credit exchange rate risk with respect to the total direct credit portfolio, at company level and by type of credit. b) The debt balance of direct foreign currency credits of debtors exposed to credit exchange rate risk with respect to the total direct credit portfolio, at company level and by type of credit. c) The percentage of total debtors exposed to credit exchange rate risk with respect to the total debtors that make up the credit portfolio, whether or not they have direct foreign currency debt, at company level and by type of credit. d) The impact on income and solvency resulting from the credit exchange rate risk sensitivity analysis. e) Summary of mitigation measures and their results on debtors exposed to credit exchange rate risk, in accordance with numeral 4.3 of Article 4°. CHAPTER II METHODOLOGY FOR IDENTIFYING DEBTORS EXPOSED TO CREDIT EXCHANGE RATE RISK Article 6°.- Identification of retail debtors 6.1. The identification of retail debtors as exposed or not exposed must be carried out in the process of admitting a new credit. 6.2. Companies must use the latest available information on direct debt in the company and in the financial system at the time of identifying retail debtors. 6.3. Companies must consider retail debtors as exposed to credit exchange rate risk if they meet at least one of the following conditions: a) The sum of direct foreign currency debt in the company and in the financial system is greater than two thousand United States dollars (US$ 2,000). b) The direct foreign currency debt ratio is greater than 20%, provided that the sum of direct foreign currency debt in the company and in the financial system is greater than three hundred United States dollars (US$ 300). 6.4. The debtor must be considered not exposed to credit exchange rate risk if they do not meet any of the conditions in paragraph 6.3 of this article. 6.5. The company must update the identification of all retail debtors monthly. Article 7°.- Identification of non-retail debtors 7.1. The identification of non-retail debtors must be carried out in the process of admitting a new credit. 7.2. Companies must use the latest available information on direct debt in the company and in the financial system at the time of identifying non-retail debtors. 7.3. The identification of non-retail debtors who do not have updated financial statements must be carried out as indicated in Article 8°. 7.4. The identification of non-retail debtors who have updated financial statements must be carried out as indicated in Article 9°. 7.5. Companies whose proportion of direct foreign currency debt in the company with respect to total direct debt in the company is less than 10% may apply the provisions of Article 8° to all their non-retail debtors, whether or not they have updated financial statements. Article 8°.- Non-retail debtors who do not have updated financial statements 8.1. Companies must consider a non-retail debtor who does not have updated financial statements as not exposed to credit exchange rate risk if they meet at least one of the following conditions: a) Is a foreign currency generator, a financial system company or a multilateral development bank. b) The direct foreign currency debt ratio is less than or equal to 20%. 8.2. Companies must consider a non-retail debtor who does not have updated financial statements as exposed to credit exchange rate risk if they meet both of the following conditions simultaneously: a) Does not belong to any of the categories in literal a) of paragraph 8.1 of this article. b) The direct foreign currency debt ratio is greater than 20%. 8.3. The company must update the identification of all non-retail debtors referred to in this article monthly. Article 9°.- Non-retail debtors who have updated financial statements: 9.1. Companies must consider a non-retail debtor who has updated financial statements as not exposed to credit exchange rate risk if they meet at least one of the following conditions: a) Is a foreign currency generator, a financial system company or a multilateral development bank. b) The direct foreign currency debt ratio is less than or equal to 20%. c) Meets literals a) and b) of paragraph 9.2 of this article and fails literal c) of paragraph 9.2 of this article. 9.2. Companies must consider a non-retail debtor who has updated financial statements as exposed to credit exchange rate risk if they meet all of the following conditions simultaneously: a) Does not belong to any of the categories in literal a) of paragraph 9.1 of this article. b) The direct foreign currency debt ratio is greater than 20%. c) If it meets at least one of the following conditions related to the debt coverage ratio (RcobD): c.1. The RcobD under a 10% local currency depreciation scenario is less than 1. c.2. The RcobD under a 20% local currency depreciation scenario is less than 1. Where (): RcobD: RcobD under a 10% local currency depreciation scenario: RcobD under a 20% local currency depreciation scenario: PCDLP: Current portion of long-term debt. GF: Financial expenses. Corresponds to the total financial expenses appearing in the Income Statement. MN: National currency. ME: Foreign currency. TC: Accounting exchange rate at the end of the evaluation month. () To obtain the current portion of long-term debt and foreign currency financial expenses, the direct foreign currency debt ratio must be used. 9.3. The company must update, at least at the end of each fiscal year, the identification of all non-retail debtors referred to in this article. CHAPTER III SENSITIVITY ANALYSIS FOR CREDIT EXCHANGE RATE RISK Article 10°. - Sensitivity analysis for credit exchange rate risk 10.1. Companies must perform a sensitivity analysis considering the following: a) The increase in the company's direct foreign currency credit portfolio after applying the two local currency depreciation scenarios of 10% and 20%. b) The assumptions of migration to worse classifications that exposed debtors would have, for each scenario. c) The impact that the materialization of the risk has on provisions, effective capital and the global capital ratio, after applying the migrations indicated in literal b). 10.2. Companies must perform the credit exchange rate risk sensitivity analysis semi-annually and include said results in the risk report in accordance with the provisions of literal d) of Article 5° of this Regulation. 10.3. The results of the credit exchange rate risk sensitivity analysis must be considered in the company's management decisions. CHAPTER IV INFORMATION REQUIREMENTS Article 11°.- Reporting of the credit exchange rate risk indicator Companies must report monthly the credit exchange rate risk indicator in Annex N° 6 “Debtor Credit Report” of the Accounting Manual, in accordance with Annex A of this Regulation. FINAL COMPLEMENTARY PROVISIONS First1. - Companies shall reallocate the credit exchange rate risk provisions they have constituted as of May 31, 2026, for the constitution of mandatory specific provisions. Second.- The identification of retail and non-retail debtors, as exposed or not exposed, who have credits granted before the entry into force of this Regulation must be carried out at the latest by the end of the month or fiscal year of the entry into force of this regulation, as applicable; and subsequently updated at the end of the month or fiscal year, as applicable. Article Second.- Modify the Accounting Manual for financial system companies, approved by SBS Resolution N° 895-98 and its amending regulations, in accordance with Annex A attached to this Resolution. Article Third2. - This Resolution enters into force on June 1, 2026, from which date the Regulation for the Administration of Credit Exchange Rate Risk, approved by SBS Resolution N° 041-2005, and Circular N° B-2145-2005, F-0485-2005, CM-0332-2005, CR-0201-2005, EAF-0229-2005, EDPYME-0117-2005 will be repealed. Consequently, the requirement for credit exchange rate risk provisions will be repealed. The provisions of Article Second of this Resolution enter into force for information corresponding to June 2026. Register, communicate and publish, SERGIO JAVIER ESPINOSA CHIROQUE SUPERINTENDENT OF BANKING, INSURANCE AND AFPs 1 Provision modified by SBS Resolution N° 03401-2025 published on September 26, 2025. 2 Article modified by SBS Resolution N° 03401-2025 published on September 26, 2025. ANNEX A MODIFICATIONS TO THE ACCOUNTING MANUAL FOR FINANCIAL SYSTEM COMPANIES I. Modify Chapters III “Chart of Accounts” and IV “Description and Dynamics of Accounts” of the Accounting Manual for Financial System Companies, as follows:

1. Substitute in the description of item 14 “Credits” the section “Provisions for Credits” with the following: “PROVISIONS FOR CREDITS This account will record provisions for direct credits, as established in the Regulation for the Evaluation and Classification of Debtors and the Requirement for Provisions, and, when applicable, the provision indicated in the Regulation for the Administration of Over-Indebtedness Risk of Retail Debtors. It should be noted that provisions for country risk are recorded in analytical account 2702.05.04. For presentation purposes, credits are presented net of all aforementioned provisions, including country risk provisions.”
2. Substitute the first paragraph of the description of account 1409 “Provisions for credits” with the following: “This account records generic and specific provisions for direct credits in accordance with the provisions issued in the Regulation for the Evaluation and Classification of Debtors and the Requirement for Provisions. It includes provisions for reverse mortgage credits, in accordance with the relevant regulations. Likewise, when applicable, additional generic provisions related to inadequate over-indebtedness risk management, as well as provisions for the devaluation of property guaranteeing a reverse mortgage, will be recorded in accordance with the provisions issued by this Superintendency.”
3. Eliminate from account 1409 “Provisions for credits” the analytical accounts 1409.02.05, 1409.03.05, 1409.04.05, 1409.05.05, 1409.06.05, 1409.07.05, 1409.08.05, 1409.09.05, 1409.10.05, 1409.11.05, 1409.12.05, 1409.13.05; and in the dynamics applicable to this account, the credit: “For the constitution of provisions for credit exchange rate risk”.
4. Substitute the first paragraph of the description of account 4302 “Provisions for uncollectibility of credits” with the following: “This account records expenses for generic and specific provisions for direct credits in accordance with the provisions issued in the Regulation for the Evaluation and Classification of Debtors and the Requirement for Provisions. It includes provisions for reverse mortgage credits, in accordance with the relevant regulations. Likewise, additional generic provisions related to inadequate over-indebtedness risk management are recorded in accordance with the provisions issued by this Superintendency.”
5. Eliminate from account 4302 “Provisions for uncollectibility of credits”, the analytical accounts 4302.02.05, 4302.03.05, 4302.04.05, 4302.05.05, 4302.06.05, 4302.07.05, 4302.08.05, 4302.09.05, 4302.10.05, 4302.11.05, 4302.12.05, 4302.13.05; and in the dynamics applicable to this account, the debit: “For the constitution of provisions for credit exchange rate risk”. II. Modify in Chapter V “Complementary Information” of the Accounting Manual for Financial System Companies, as follows:
6. Eliminate from Annex N°6 “Chart of Accounts – RCD” the analytical accounts 1409.02.05, 1409.03.05, 1409.04.05, 1409.05.05, 1409.06.05, 1409.07.05, 1409.08.05, 1409.09.05, 1409.10.05, 1409.11.05, 1409.12.05 and 1409.13.05.
7. Substitute in Annex N° 06 “Debtor Credit Report (RCD)” the instructions for field A-24, as follows: A-24 Credit exchange rate risk indicator For the case of every natural person, legal person or legal entity reported, the corresponding value will be placed, according to the methodology established in the Credit Exchange Rate Risk Management Regulation: 1 Debtor