Regulatory Alerts2010-03-17 | Resolución 039/2010Added · Updated
Board Resolution No. 039/2010
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 7,500,000 coins with a face value of Bs 5, totaling Bs 37,500,000. Vice President Rolando Marín is designated to represent the Board at the monetization ceremony, while the Presidency and General Management are tasked with executing the resolution.
BOARD RESOLUTION NO. 039/2010 SUBJECT: MONETARY OPERATIONS DEPARTMENT – AUTHORIZES MONETIZATION OF COINS OF Bs 5.- CUT
VIEWED: The Law No. 901 of November 28, 1986, which creates the "Boliviano" as the legal and mandatory unit of currency. The Law No. 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia of October 21, 2005. The Regulation on the Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 047/2009 of April 14, 2009. The Coin Minting Contract SANO No. 078/2009 of May 19, 2009, and its Amending Addendum SANO No. 113/2009 of June 15, 2009, signed between the BCB and the Chilean Mint. The Report from the Monetary Operations Department STES No. 035/2010 of March 11, 2010. The Report from the Legal Affairs Department SANO No. 068/2010 of March 12, 2010.
CONSIDERING: That Article 1 of Law No. 901 creates the Boliviano as the unit of the State's monetary system, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting January 1, 1987. That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises the exclusive and non-delegable function of issuing Bolivia's monetary unit, in the form of banknotes and metallic coins. That in accordance with the Coin Minting Contract and its Amending Addendum, the Central Bank of Bolivia has received the eleventh receipt of metallic monetary material from the Chilean Mint. That it is the attribution of the Board of Directors, according to Article 54, subsection m) of Law No. 1670 and numeral 11 of Article 11 of the Statute, to authorize and supervise the issuance of banknotes and coins. That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the BCB Board of Directors to authorize the monetization of banknotes and coins.
//2. B.D. No. 039/2010 That the STES Report No. 035/2010 considers it necessary to monetize coins of the Bs 5.- cut and recommends that the BCB Board of Directors consider the monetization of the monetary material delivered into vault by the supplier, the Chilean Mint. That in the opinion of the Legal Affairs Department, according to SANO Report No. 068/2010, there is no legal impediment for the BCB Board of Directors, in view of its powers and competencies, to approve the monetization of coins of the Bs 5.- cut.
THEREFORE THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of coins of the Bs 5.- cut according to the following detail:
CUT NUMBER OF PIECES VALUE IN Bs. 5.- 7,500,000 37,500,000 TOTAL 7,500,000 37,500,000
Article 2.- Designate the Vice President of the Board of Directors, Rolando Marín, to represent the Board of Directors in the act of monetization of the aforementioned material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, March 17, 2010
Gabriel Loza Tellería
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar Rafael Boyán Téllez
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