Regulatory Alerts2022-02-08 | RESOLUCIONES DE DIRECTORIO N° 014/2022Added · Updated
Board Resolution No. 014/2022: Approval of the Regulation for the Administration of Fiscal Accounts Enabled at the BCB
The Board of Directors of the Central Bank of Bolivia (BCB) approves the Regulation for the Administration of Fiscal Accounts Enabled at the BCB, which establishes the operational and procedural framework for public entities to manage fiscal accounts at the BCB and Banco Unión S.A. The regulation mandates that the Vice Ministry of Treasury and Public Credit (VTCP) initiates account opening, modification, and closure requests electronically via the SIGEP system, while the BCB processes these through the SACIC system. It explicitly prohibits the BCB from charging maintenance commissions or paying interest on fiscal account balances, assigns all inflation indexation costs for UFV-denominated accounts to the account holders, and repeals seven previous Board Resolutions governing fiscal account administration. The regulation enters into force immediately upon approval.
BOARD OF DIRECTORS
BOARD RESOLUTION NO. 014/2022
SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVAL OF THE REGULATION FOR THE ADMINISTRATION OF FISCAL ACCOUNTS ENABLED AT THE BCB.
VISTOS:
The Political Constitution of the State, promulgated on February 7, 2009.
Law No. 1670 of the Central Bank of Bolivia (BCB), of October 31, 1995, and its modifications.
Supreme Decree No. 4646 of December 29, 2021, which regulates the application of Law No. 1413.
Law No. 331, of December 7, 2012, which creates the Public Banking Entity.
Supreme Decree No. 1841, of December 18, 2013.
Law No. 1135, of December 20, 2018, on the General State Budget – 2019.
Law No. 1413, of December 17, 2021, on the General State Budget Management 2022.
The Specific Regulation for the Administration of Fiscal Current Accounts, Operations, Financial Services, and Treasury Payment System, approved by Ministerial Resolution No. 153 of April 6, 2016, issued by the Ministry of Economy and Public Finances (MEFP).
The Specific Regulation of Operations and Financial Services for the Administration of Fiscal Current Accounts of Autonomous Territorial Entities, their Decentralized and Concentrated Entities, and Public Enterprises, approved by Ministerial Resolution No. 389 of November 11, 2021, issued by the MEFP.
The Guide of Operational Procedures of the Account Opening, Closure, and Modification System SACIC – Second Version, of December 28, 2020.
The Statute of the Central Bank of Bolivia approved by Board Resolution No. 128/2005, of October 21, 2005, and its modifications.
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The Report BCB-GOM-SOSP-DCE-INF-2022-8 of February 3, 2022, issued by the Monetary Operations Management (GOM) and International Operations Management (GOI).
The Report BCB-GAL-SANO-DLBCI-INF-2022-16 of February 4, 2022, issued by the Legal Affairs Management (GAL).
CONSIDERING:
That Article 327 of the Political Constitution of the State states that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.
That Article 24 of Law No. 1670 of the BCB provides that all entities of the Non-Financial Public Sector must maintain their funds in fiscal accounts at the BCB. The Public Banking Entity with a privative character shall be the financial entity in charge of administering fiscal accounts on behalf of the BCB.
That Article 28 of Law No. 1670 of the BCB establishes that entities of the Non-Financial Public Sector will carry out their operations with the BCB through the National Treasury, and Article 29 states that the BCB will exercise functions as Financial Agent of the Government.
That Article 44 and subsections a), o), and q) of Article 54 of Law No. 1670 of the BCB define that the Highest Authority of the Central Bank of Bolivia is its Board of Directors and that its attributions include issuing norms and adopting general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; and that the Board is empowered 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, and those others that are necessary for the fulfillment of its functions.
That Article 4 of Law No. 331 establishes that the Public Banking Entity will have as its purpose to carry out the operations and financial services of the entire Public Administration at its different levels of government, administering the deposits of entities of the non-financial public sector on behalf of the Central Bank of Bolivia – BCB, for which all of them must maintain their funds in fiscal accounts at the BCB.
That Article 7 of Supreme Decree No. 1841, which regulates the operations and financial services of the Public Banking Entity in favor of the Public Administration at its different levels of government, establishes that the operations and financial services for the
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administration of fiscal current accounts, among others, the opening, modification, closure, and maintenance of fiscal current accounts, and in its articles 27 and 29 determine the operations and financial services that the BCB provides to the public sector, as well as the processes and procedures of the operational functioning of the Treasury Single Account (CUT) and its relationship with the BCB.
That paragraphs I and II of Article 8 of Law No. 1135, in effect due to subsection v) of the Second Final Provision of Law No. 1413 of December 17, 2021, on the General State Budget Management 2022, establish that the Public Management System (SIGEP) is the official system for the financial and administrative management of all public entities of the Plurinational State of Bolivia. It also states that public entities must obligatorily use their administrative and financial modules of SIGEP in accordance with the Regulation and/or instructions issued by the MEFP, an entity that may exceptionally authorize the use of other systems, a process that will be regulated by Ministerial Resolution.
That paragraph III of the First Final Provision of Supreme Decree No. 4646 establishes that all costs of inflation indexation corresponding to the account “Relief Beyond HIPC II” will be assumed by the BCB.
That Article 1 of the Specific Regulation for the Administration of Fiscal Current Accounts, Operations, Financial Services, and Treasury Payment System, aims to regulate the administration of fiscal current accounts, operations, financial services, and the Treasury Payment System, regarding operational processes and procedures carried out between the MEFP and the BCB, among others.
That Article 1 of the Specific Regulation of Operations and Financial Services for the Administration of Fiscal Current Accounts of Autonomous Territorial Entities, their Decentralized and Concentrated Entities, and Public Enterprises, aims to regulate the operational and procedural aspects of operations and financial services for the administration of Fiscal Current Accounts of Autonomous Territorial Entities, their decentralized, concentrated entities, and public enterprises, and any aspect related thereto, described in Article 7 of Supreme Decree No. 1841.
That the Guide of Operational Procedures of the Account Opening, Closure, and Modification System SACIC – Second Version, constitutes the reference framework for the execution of processes in the Account Opening, Modification, and Closure System (SACIC), to comply with the operational provisions set forth in Ministerial Resolutions No. 149 and No. 153 issued by the MEFP.
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That numeral 29 of Article 11 of the Statute of the Central Bank of Bolivia establishes that the Board has the attribution 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 Report BCB-GOM-SOSP-DCE-INF-2022-8 of the GOM and GOI concludes that it is necessary to have a “Regulation for the Administration of Fiscal Accounts Enabled at the BCB” with the purpose of adjusting the issuer's operations to the current regulations for the administration of fiscal accounts enabled at the BCB by public entities; and recommends submitting it to the consideration of the BCB Board of Directors for approval.
That the Report BCB-GAL-SANO-DLBCI-INF-2022-16 of the GAL concludes that the “Regulation for the Administration of Fiscal Accounts Enabled at the BCB,” proposed by the GOI and GOM, does not contravene the current legal order; therefore, it is legally appropriate, recommending to the BCB Board of Directors its approval.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Approve the Regulation for the Administration of Fiscal Accounts Enabled at the BCB in its three Chapters, Seventeen Articles, and three annexes, which forms part as an Annex to this Board Resolution.
Article 2.- Repeal Board Resolutions No. 060/2001 of June 19, 2001; No. 080/2002 of July 23, 2002; No. 150/2008 of December 16, 2008, No. 017/2003 of February 6, 2003, No. 145/2011 of November 8, 2011, No. 162/2011 of December 13, 2011, and No. 164/2011 of December 20, 2011.
Article 3.- The Regulation will enter into force from the approval of this Board Resolution.
Article 4.- The Presidency and General Management are charged with the execution and compliance of this Board Resolution.
La Paz, February 8, 2022
SIGNED. ROGER EDWIN ROJAS ULO, Oscar Ferrufino Morro, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.
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ANNEX
REGULATION FOR THE ADMINISTRATION OF FISCAL ACCOUNTS ENABLED AT THE BCB
CHAPTER I
OBJECT, TERMS, AND DEFINITIONS
Article 1.- Object
This Regulation aims to regulate the operational and procedural aspects for the administration of Fiscal Accounts enabled at the Central Bank of Bolivia of public entities within the framework of Chapter V of Law No. 1670 of October 31, 1995.
Article 2.- Acronyms
| Acronym | Definition |
|---|---|
| BCB | Central Bank of Bolivia |
| GOM | Monetary Operations Management |
| GOI | International Operations Management |
| BUSA | Banco Unión S.A. |
| COIN | Institutional Accounting System |
| CUT | Treasury Single Account |
| MAE | Highest Executive Authority |
| MEFP | Ministry of Economy and Public Finances |
| SACIC | Account Opening, Modification, and Closure System |
| SIGEP | Public Management System |
| TGN | General Treasury of the Nation |
| UFV | Housing Development Unit |
| VTCP | Vice Ministry of Treasury and Public Credit |
Article 3.- Definitions
Fiscal Account: It is the bank account enabled by public entities at the BCB, in which public resources in national or foreign currency are administered.
Revenue-Collecting Fiscal Account: It is a Fiscal Account that receives resources and automatically transfers balances to the CUT for appropriation to the corresponding ledgers under the ownership of public entities.
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Closure of Fiscal Account: It is the definitive suspension (COIN) and deactivation (Treasury System) of the account at the BCB, with historical information being maintained in the respective systems.
Public Entity: Institutions governed by specific regulations where the State holds the majority of the assets and include entities of the Central Administration and Autonomous Territorial Entities, their decentralized, concentrated entities, and public enterprises, as well as Public Universities.
Authorized Signatures: Signature of Public Servants authorized by the Highest Executive Authority or Highest Administrative and/or Financial Authorities of each Public Entity responsible for the management of the Fiscal Account before the BCB.
Authorized Signature of the VTCP: Signature of Public Servants authorized by the VTCP to operate and request information related to Fiscal Accounts of Public Entities before the BCB and the BUSA.
Account Holder: Public Entity responsible for the administration of the resources of the fiscal account.
CHAPTER II
ADMINISTRATION OF FISCAL ACCOUNTS
Article 4.- Opening of Fiscal Accounts
I. The VTCP through the SIGEP will carry out the electronic request for the opening of a Fiscal Account before the BCB, specifying the currency, origin and destination of resources, type of account, and must attach the documentation justifying the request (Agreements, Laws, Supreme Decrees, Programmatic Structure, and Others).
II. For revenue-collecting accounts, the VTCP must indicate the number and denomination of the ledger in the CUT in National or Foreign Currency to which the resources will be destined.
III. The BCB through the GOM will receive the electronic opening request in the SACIC and will forward it to the corresponding Management or Department for attention.
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IV. The Management or Department responsible for the administration of the fiscal account will authorize or reject the opening request. If the opening is authorized, it will communicate to the BCB Administration Management for registration in the accounting system and to the Treasury Management for activation in the Treasury System in the cases that correspond.
V. The BCB Administration Management will confirm to the VTCP through the SACIC the activation of the Fiscal Account so that the Account Holder can register authorized signatures and the corresponding registration before the MEFP.
Article 5.- Modification of Fiscal Accounts
I. The VTCP through the SIGEP will carry out the electronic request for the modification of the Fiscal Account at the BCB, to the type of account, procedure instructions, and others defined by the MEFP prior to coordination with the GOM or GOI of the BCB.
II. The BCB through the GOM will receive the electronic modification request in the SACIC and will forward it to the corresponding Management or Department for attention.
III. The Management or Department responsible for the administration of the fiscal account will authorize or reject the modification request. If the modification is authorized, it will communicate to the BCB Administration Management for registration in the accounting system and to the Treasury Management for activation or deactivation in the Treasury System in the cases that correspond.
IV. The BCB Administration Management will confirm to the VTCP, through the SACIC, the modification of the Fiscal Account.
Article 6.- Closure of Fiscal Accounts
I. The VTCP will issue the electronic instruction for the closure of the fiscal account to the BCB through the SIGEP.
II. The BCB Administration Management will receive the electronic instruction for the closure of the fiscal account in the SACIC, for its respective process in the accounting system, and will confirm it to the VTCP.
III. Once the Fiscal Account is closed, it cannot be rehabilitated.
Article 7.- Authorized Signatures
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The Authorized Signatures of public servants accredited by their Highest Executive Authority or Highest Administrative and/or Financial Authorities must be enabled before the BCB for the management of Fiscal Accounts of each Public Entity in accordance with regulations.
The registration and authorization of signatures must be subject to what is established by the current Board Resolution of the BCB.
Article 8.- Commissions and Interest
I. The BCB will not charge commissions for account maintenance, nor pay interest on the balances existing in Fiscal Accounts.
II. The BCB will charge for the replacement of office supplies and/or issuance of accounting vouchers and other services in accordance with the “Table of Commissions for Services” approved annually by Board Resolution of the BCB.
Article 9.- Local Transfers
I. Requests for transfers between Fiscal Accounts enabled at the BCB and the BUSA must be made through electronic instructions in the SIGEP, for processing by the GOM or GOI of the BCB in the systems enabled for this purpose.
II. Transfers of resources in different currencies will be processed at the purchase exchange rate of the foreign currency on the date the operation is processed.
Article 10.- Automatic Debits
The GOM or GOI of the BCB will carry out automatic debit operations by electronic instructions of the VTCP through the SIGEP or by means of requests made with official note; likewise, in accordance with current regulations, it may carry out automatic debits directly to fiscal accounts.
Article 11.- Disbursements from Abroad
I. To carry out the transfer of disbursements from abroad destined to Fiscal Accounts at the BCB or fiscal current account at the BUSA, the account holder must provide the transferor with the banking coordinates according to Annexes No. 1 and No. 2 of this Regulation.
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II. External disbursements destined to Fiscal Accounts in a different currency will be credited in the enabled currency of the destination Fiscal Account, at the exchange rate in effect in the BCB’s Currency Quotations table on the date of accounting registration.
III. For disbursement transfers in foreign currency, the fiscal account holder will assume the exchange differential for the purchase or sale, and will bear the losses or receive the gains from the variations in the exchange rate arising from the operation.
Article 12.- Transfers Abroad
I. Transfers abroad must be requested through the SIGEP, which must indicate the debit account and the beneficiary's credit account abroad, prior to completion, sending by the entity, and registration by the BCB of Form 1520-003 “REGISTRATION OF BENEFICIARIES ABROAD FOR FUNDS TRANSFERS” described in Annex No. 3. This operation is subject to the commissions established in the BCB’s “Table of Commissions for Services” and the commissions charged by correspondent banks abroad.
II. For transfers abroad in foreign currency, the fiscal account holder or the beneficiary abroad will assume the commissions mentioned in the previous paragraph.
III. For transfers abroad in foreign currency, the fiscal account holder or the beneficiary abroad will assume the exchange differential for the purchase or sale, and will bear the losses or receive the gains from the variations in the exchange rate arising from the operation.
Article 13.- Revaluation
The results of the revaluation of balances in foreign currency accounts will be assumed by the Fiscal Account Holder.
Article 14.- Contingencies
As a contingency measure, the GOM or GOI of the BCB may authorize and carry out Fiscal Account operations (Opening, Modification, Closure, and Transfers) through requests with official note with authorized signatures of the VTCP.
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CHAPTER III
OPERATIONS OF ACCOUNTS IN BOLIVIANOS WITH MAINTENANCE OF VALUE WITH RESPECT TO THE UFV
Article 15.- Fiscal Accounts in UFV
The BCB may enable Fiscal Accounts in bolivianos with maintenance of value with respect to the UFV at the request of the VTCP.
The procedure for opening, modification, and closure; and others that correspond to Fiscal Accounts with UFV value maintenance will be subject to what is provided in Chapter II of this Regulation.
Article 16.- Indexation Costs
All costs of inflation indexation corresponding to accounts in bolivianos with maintenance of value with respect to the UFV will be assumed by the account holder.
Article 17.- Exceptions
The application of Article 16 is excepted for account No. 4867 “Relief beyond HIPC II”, until the conclusion of the External Debt Relief program named “Beyond HIPC II”, in accordance with regulations issued for this purpose.
FINAL PROVISIONS
Sole Final Provision
For the purposes of applying this Regulation, accounts referred to as “Special Accounts” hereinafter will be referred to as “Fiscal Accounts”.
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Annex No. 1
BANKING COORDINATES FOR TRANSFERS FROM ABROAD IN EUROS
CORRESPONDENT BANK: BANK OF SPAIN
| ITEM | CONTENT |
|---|---|
| BANK NAME | BANK OF SPAIN |
| ACCOUNT NUMBER | ES2990299029960000000107 |
| ACCOUNT NAME | CENTRAL BANK OF BOLIVIA |
| SWIFT CODE BANK OF SPAIN | ESPBESMMRMS |
| SWIFT CODE BCB | BCEBBOLPXXX |
| CURRENCY | EURO |
| LOCATION | MADRID - SPAIN |
ADDITIONAL DATA FOR TRANSFERS FROM ABROAD TO PUBLIC ENTITIES
| 1. TO CREDIT FUNDS TO THE ACCOUNT OF THE CENTRAL BANK OF BOLIVIA, THE INTERMEDIARY BANK FIELD (FIELD 56) AND THE BENEFICIARY BANK FIELD (FIELD 57) OF THE TRANSFER MESSAGE (MT 103) MUST BE FILLED AS FOLLOWS: | FIELD 56 - INTERMEDIARY BANK<br>ESPBESMMRMS<br>BANK OF SPAIN<br><br>FIELD 57 - BENEFICIARY BANK<br>ES2990299029960000000107<br>CENTRAL BANK OF BOLIVIA |
| 2. THE DATA OF THE RECEIVING INSTITUTION AND ITS BANK, TO CREDIT THE RESOURCES, MUST BE FILLED IN THE BENEFICIARY FIELD (FIELD 59) OF THE TRANSFER MESSAGE (MT 103) AS FOLLOWS: | FIELD 59 - BENEFICIARY<br>“ACCOUNT NUMBER OF THE INSTITUTION”<br>“NAME OF THE INSTITUTION”<br>“NAME OF THE BANK IN BOLIVIA” |
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Annex No. 2
BANKING COORDINATES FOR TRANSFERS FROM ABROAD IN US DOLLARS
CORRESPONDENT BANK: STANDARD CHARTERED BANK
| ITEM | CONTENT |
|---|---|
| BANK NAME | STANDARD CHARTERED BANK |
| ACCOUNT NUMBER | 3544-020682-001 |
| ACCOUNT NAME | CENTRAL BANK OF BOLIVIA |
| SWIFT CODE STANDARD | SCBLUS33XXX |
| SWIFT CODE BCB | BCEBBOLPXXX |
| FEDWIRE CODE (ABA) | 026002561 |
| CHIPS CODE | 256 |
| CURRENCY | US DOLLARS |
| LOCATION | NEW YORK, UNITED STATES OF NORTH AMERICA |
ADDITIONAL DATA FOR TRANSFERS FROM ABROAD TO PUBLIC ENTITIES
| 1. TO CREDIT FUNDS TO THE ACCOUNT OF THE CENTRAL BANK OF BOLIVIA, THE INTERMEDIARY BANK FIELD (FIELD 56) AND THE BENEFICIARY BANK FIELD (FIELD 57) OF THE TRANSFER MESSAGE (MT 103) MUST BE FILLED AS FOLLOWS: | FIELD 56 - INTERMEDIARY BANK<br>SCBLUS33XXX<br>STANDARD CHARTERED BANK<br><br>FIELD 57 - BENEFICIARY BANK<br>3544-020682-001<br>CENTRAL BANK OF BOLIVIA |
| 2. THE DATA OF THE RECEIVING INSTITUTION AND ITS BANK, TO CREDIT THE RESOURCES, MUST BE FILLED IN THE BENEFICIARY FIELD (FIELD 59) OF THE TRANSFER MESSAGE (MT 103) AS FOLLOWS: THE DATA OF THE ENTITY AND ITS BANK TO CREDIT THE RESOURCES MUST BE FILLED IN THE FOLLOWING FIELD OF THE MT 103: | FIELD 59 - BENEFICIARY<br>“ACCOUNT NUMBER OF THE INSTITUTION”<br>“NAME OF THE INSTITUTION”<br>“NAME OF THE BANK IN BOLIVIA” |
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Annex No. 3
Form 1520-003: REGISTRATION OF BENEFICIARIES ABROAD FOR FUNDS TRANSFERS
| I. DATA OF THE REQUESTING ENTITY (*) | |
|---|---|
| 1. Date of Request | |
| 2. Name of Public Entity | |
| 3. Address |
| II. DATA OF THE BENEFICIARY (*) | |
|---|---|
| 1. Bank Name | |
| 2. Bank BIC-SWIFT Code | |
| 3. Account Name | |
| 4. Account Number | |
| 5. Account Currency | |
| 6. Beneficiary Address |
| III. DATA OF THE INTERMEDIARY BANK | |
|---|---|
| 1. Bank Name | |
| 2. Bank BIC-SWIFT Code | |
| 3. Account Number |
() MANDATORY FIELDS*
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