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2019-02-19 | RESOLUCIONES DE DIRECTORIO N° 015/2019

Added 2026-07-27 · Updated 2026-08-20

Board Resolution No. 015/2019

The Central Bank of Bolivia modifies Title V of the Legal Reserve Regulation for Financial Intermediation Entities, specifically extending the deadline for voluntary contributions to the Fund for Credits for the Productive Sector and Social Interest Housing (CPVIS II) to May 31, 2019. The amendment restricts new contributions to resources in foreign currency from external assets deposited in correspondent bank accounts and allows for the return of participation in the fund without the external transfer commission. It also permits the return of these funds to external accounts of the entities, up to the amount of voluntary contributions made between the resolution's approval and May 31, 2019.

Bolivia

Banco Central de Bolivia

Banco Central de Bolivia Directorio

BOARD RESOLUTION NO. 015/2019

SUBJECT: ECONOMIC POLICY ADVISORY AND FINANCIAL ENTITIES MANAGEMENT - MODIFICATION OF THE LEGAL RESERVE REGULATION FOR FINANCIAL INTERMEDIATION ENTITIES.

VIEWING: The Political Constitution of the State (CPE) promulgated on February 7, 2009. Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB). The BCB Statute approved by Board Resolution No. 128/2005 of October 21, 2005 and its subsequent modifications. The Legal Reserve Regulation approved by Board Resolution No. 69/2017 of May 22, 2017 and its modifications. The Report of the Economic Policy Advisory (APEC) and the Financial Entities Management (GEF) BCB-APEC-SIE-INF-2019-18 of February 18, 2019. The Report of the Legal Affairs Management (GAL) BCB-GAL-SANO-DLBCI-INF-2019-28 of February 18, 2019.

CONSIDERING: That Article 327 of the CPE establishes 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. Its Article 328 of the CPE indicates among the attributions of the BCB, in coordination with the economic policy determined by the Executive Branch, to determine and execute monetary policy.

That Article 7 of Law No. 1670 provides that the BCB may establish legal reserves of mandatory compliance by banks and financial intermediation entities. Its composition, amount, method of calculation, characteristics and remuneration, shall be established by the Board of the Bank, by an absolute majority of votes. The control and supervision of the legal reserve shall correspond to the Superintendence of Banks and Financial Entities current Financial System Supervisory Authority (ASFI).

That Article 8 states that the reserve and the deposits constituted in the BCB by banks and financial entities, shall not be subject to any type of judicial embargo or retention by third parties.

That Article 37 establishes that the BCB will be the depository of the liquid reserves intended to cover the legal reserve and attend the payment system and other operations with the BCB of the financial intermediation entities subject to the authorization and control of the

Banco Central de Bolivia Directorio

//2. B.R. No. 015/2019

Superintendence of Banks and Financial Entities (current ASFI). That Article 44 states that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application and internal rules; as well as establishing administrative, operational and financial strategies of the BCB, approving their respective short and medium-term programs. For the follow-up and supervision of their execution, it will have independent information, analysis and audit services.

That subsections a) and i) of Article 54 of the same Law, indicate as attributions of the Board of Directors of the BCB to issue the rules and adopt the general decisions that were necessary for the Issuing Entity to fulfill the functions, competencies and powers assigned to it by the Law and to fix and regulate the administration of the legal reserve to which banks and other financial entities must be subject, disposing measures for its compliance.

That subsections 1, 2 and 7 of Article 11 of the BCB Statute, provides that its Board has the attributions to approve the general decisions and issue the rules that were necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law; define the policies of the BCB, specialized regulations of general application and internal rules, as well as establish, by absolute majority of votes, legal reserves of mandatory compliance by financial intermediation entities and approve their composition, amount, calculation, characteristics, forms of administration, custody and remuneration, in accordance with the Regulation.

That the Legal Reserve Regulation for Financial Intermediation Entities has the object of establishing the technical and operational conditions of mandatory compliance for financial intermediation entities authorized for their operation by the ASFI, on the constitution and form of administration of the legal reserve.

CONSIDERING: That the Report BCB-APEC-SIE-INF-2019-18 of the Economic Policy Advisory and the Financial Entities Management recommends the modification of Title V "On the Fund for Credits destined to the Productive Sector and Social Interest Housing" of the Legal Reserve Regulation for Financial Intermediation Entities, approved by Board Resolution No. 69/2017 of May 22, 2017, and its subsequent modifications.

That the Report BCB-GAL-SANO-DLBCI-INF-2019-28 of the Legal Affairs Management, establishes that the proposal for modification of the Legal Reserve Regulation for Financial Intermediation Entities made by the APEC and the GEF is legally procedent.

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

Banco Central de Bolivia Directorio

//3. B.R. No. 015/2019

Article 1.- Modify Title V of the Legal Reserve Regulation for Financial Intermediation Entities in the following terms.

SAYS: "TITLE V ON THE FUND FOR CREDITS DESTINED TO THE PRODUCTIVE SECTOR AND SOCIAL INTEREST HOUSING

Article 29 (Constitution of the Fund for Credits destined to the Productive Sector and Social Interest Housing). The Fund for Credits destined to the Productive Sector and Social Interest Housing (CPVIS II Fund) is constituted in the BCB with the resources available in this Fund on the date of approval of this Resolution.

The FIEs may make new voluntary contributions to the CPVIS II Fund, until March 1, 2019, only if the resources in FC come from their accounts abroad. From the validity of this Regulation, the FIEs may request the BCB for the partial or total return of their participation in the CPVIS II Fund that is not guaranteeing liquidity credits in LC. In the case that the FIEs request a total or partial return of their participation in the Fund that they have liquidity loans in LC guaranteed with these resources, they must first pay these credits.

Article 30 (Rights and Responsibilities). The participating FIEs will be beneficiaries of all the rights of the CPVIS II Fund.

Article 31 (LC Liquidity Loans with Guarantee of the Fund for Credits destined to the Productive Sector and Social Interest Housing). The resources of each participant in the CPVIS II Fund will serve as guarantee for the LC liquidity loans that they request from the BCB, under the following conditions:

The FIEs may request liquidity loans from the BCB in LC at an interest rate of 0%. These loans may be requested until May 29, 2020.
The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS II Fund, equivalent in LC to the prevailing buying exchange rate. The liquidity loans will have a maturity date of June 30, 2020. These loans may be paid in advance.
On June 30, 2020, the BCB will return in FC to the FIEs their participation in the CPVIS II Fund prior to cancellation of their LC liquidity loans with guarantee of the CPVIS II Fund. In the case that an FIE does not have sufficient resources in its current or reserve account in LC to pay its liquidity loans, the BCB may compensate the difference with its participation in the CPVIS II Fund at the prevailing buying exchange rate. The validity of this Fund may be extended to the extent that the BCB considers pertinent."

SHOULD SAY: "TITLE V ON THE FUND FOR CREDITS DESTINED TO THE PRODUCTIVE SECTOR AND SOCIAL INTEREST HOUSING

The FIEs may make new voluntary contributions to the CPVIS II Fund, until May 31, 2019, only with resources in FC from their assets abroad and deposited in the BCB account of their correspondent bank abroad. The new contributions shall not exceed the total balance of assets abroad of each FIE on February 15, 2019 included in the availability and financial investment accounts abroad (accounts 115.01, 115.02, 115.03, 123.01, 123.02, 123.98, 123.99, 126.02, 163.01, 163.02, 163.98, 163.99 and 166.04 of the Chart of Accounts for financial entities of the ASFI). The FIEs may request the BCB for the partial or total return of their participation in the CPVIS II Fund that is not guaranteeing LC liquidity credits. In the case that the FIEs request the return of the resources that are guaranteeing LC liquidity loans, they must first pay them. This return may be made in the FIEs' accounts abroad, without the BCB charging the Commission for transfer of funds abroad for the financial system approved by Board Resolution No. 177/2018 of December 11, 2018, up to the amount corresponding to the voluntary contributions made from the approval of this modifying Resolution until May 31, 2019.

Article 30 (Rights and Responsibilities). The participating FIEs will be beneficiaries of all the rights of the CPVIS II Fund.

The FIEs may request liquidity loans from the BCB in LC at an interest rate of 0%. These loans may be requested until May 29, 2020.

Banco Central de Bolivia Directorio

//5. B.R. No. 015/2019

The maximum amount of accumulated liquidity loans will be the amount of participation of each FIE in the CPVIS II Fund, equivalent in LC to the prevailing buying exchange rate. The liquidity loans will have a maturity date of June 30, 2020. These loans may be paid in advance.
On June 30, 2020, the BCB will return in FC to the FIEs their participation in the CPVIS II Fund prior to cancellation of their LC liquidity loans with guarantee of the CPVIS II Fund. In the case that an FIE does not have sufficient resources in its current or reserve account in LC to pay its liquidity loans, the BCB may compensate the difference with its participation in the CPVIS II Fund at the prevailing buying exchange rate. This return may be made in the FIEs' accounts abroad, without the BCB charging the Commission for transfer of funds abroad for the financial system approved by Board Resolution No. 177/2018 of December 11, 2018, up to the amount corresponding to the voluntary contributions made from the approval of this modifying Resolution until May 31, 2019."

Article 2.- The modification to the Legal Reserve Regulation for Financial Intermediation Entities will enter into force from February 22, 2019.

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

La Paz, February 19, 2019

[Signature: Pablo Ramos Sánchez] Pablo Ramos Sánchez

[Signature: Gabriel Herbas Camacho] Gabriel Herbas Camacho

[Signature: Sergio Velarde Vera] Sergio Velarde Vera

[Signature: Abraham Pérez Alandia] Abraham Pérez Alandia

[Signature: Ronald Polo Rivero] Ronald Polo Rivero

[Signature: Luis Baudoin Olea] Luis Baudoin Olea