Special Rules for Monetary Policy Meetings

A. Meetings

1. The Board will hold ordinary monetary policy meetings once a month.

2. The Governor of the Bank will set the date of each ordinary monetary policy meeting six months in advance. As soon as the Governor fixes the dates of monetary policy meetings he or she will, through the Official Witness, notify the Board Members, the Finance Minister, the General Manager, the General Counsel and all those who will participate in the meeting.

Notwithstanding this communication, the procedure for providing formal notice of meeting, referred to in section B below, must be followed.

3. The Governor will notify the public, within the time period indicated and via the Bank’s website, of the dates on which the ordinary monetary policy meetings are scheduled to take place.

4. The Board may for well-founded reasons move forward or postpone an ordinary monetary policy meeting. In any event and to all effects, the meeting will for all purposes be considered an ordinary meeting.

Notwithstanding the above, the Governor will nonetheless summon the Board Members, the Finance Minister, the General Manager, the General Counsel and other meeting participants in the way and under the conditions established in section B below.

5. Similarly, the Governor will inform the public of any Board motion that brings forward or postpones an ordinary meeting.

Similarly, the Governor by his own decision or upon the request of at least two Board Members may move an ordinary meeting forward by 24 hours, for the express purpose of dealing with monetary policy matters that will form the basis of the motion or agreement to be approved when this session continues on the originally established date.

The Official Witness will notify Board Members, the Finance Minister and other participants with at least three days’ notice whenever a monetary policy meeting is to begin earlier than originally planned.

6. Monetary policy meetings may also be classified as extraordinary or special meetings, according to the procedures established in this sense in numbers 4 and 5 of letter A, Number I, of these regulations.

B. Notice of meetings

1. Notwithstanding the rules established in number 2, letter A, the Governor will send official notice for each and every meeting to Board Members, the Finance Minister, the General Manager, the General Counsel and all those entitled to participate in said meetings. The notice of meeting must be delivered with at least seven days’ notice and should indicate the place, date and time of the meeting.

2. In order to ensure that Board Members, the Finance Minister and other participants will be acquainted with the matters to be discussed, the relevant background information will be sent to all with at least 48 hours’ notice. In the case of special meetings, the information will be sent three hours before the meeting.

C. Participants

1. The following Bank officials, besides Board members and the Finance Minister, will participate in monetary policy meetings:

a. General Manager, or a replacement appointed by the Board;

b. General Counsel and Official Witness, or replacements;

c. Research Division Manager;

d. International Affairs Division Manager;

e. Financial Policy Division Manager;

f. Macroeconomic Analysis Manager;

g. Economic Research Manager;

h. International Operations and Analysis Manager;

i. Statistical Information and Research Manager; and

j. Executive Secretary of the Cabinet.

2. The Research Division Manager, the International Affairs Division Manager, the Financial Policy Division Manager, the Macroeconomic Analysis Manager, the Economic Research Manager, the International Operations and Analysis Manager, and the Statistical Information and Research Manager are also entitled to express their opinions in monetary policy meetings.

D. Agenda Items and the Order of the Meeting

1. It will not be necessary to prepare a special agenda for each meeting, because it is understood from the procedure provided under number 2, letter b in section II of this regulation.

2. The meeting will follow this order:

a. Approval of the minutes from the previous meeting;

b. Approval of the summary described in letter E below;

c. Analysis of recent economic and financial developments, review of short- and medium-term prospects and an evaluation of the Central Bank’s policies; and

d. Approval of motions and the text of the official public statement.

E. Information on the Issues Discussed

1. At the end of each monetary policy meeting, the public will be notified of the motions passed at that session. For this purpose, the Board will approve the official statement for its public distribution.

2. The summary of monetary policy meetings will be approved at the following ordinary meeting and will become public three months after that meeting was held.

3. The Bank will publish the Monetary Policy Report three times a year. This report will analyze economic and financial conditions, the basis of policies applied, and the most important prospects in the short and medium term.

F. Supplementary Rules

In the case of something not specifically covered by Section II, the procedures used at monetary policy meetings will be covered in a supplementary fashion by the general rules included in this document. .