Regulatory Alerts1998-04-20 | Resolución 048/98Added · Updated
Board Resolution No. 048/98 - Mandatory Liquidity Fund for Open Savings and Credit Cooperatives Pending Licensing by SBEF
The Central Bank of Bolivia establishes a Mandatory Liquidity Fund (FOL) as a temporary substitute for the legal reserve requirement for open savings and credit cooperatives whose operating licenses are pending approval by the Banking and Financial Entities Superintendence (SBEF). These cooperatives must deposit a percentage of their passive accounts into an accredited financial entity, with the required ratio escalating weekly from 6.5% on May 4, 1998, to 12.0% by February 8, 1999. The fund composition must be 80% savings or time deposits and 20% current accounts, held in the currency of the original deposits, and daily balance reports must be submitted to the SBEF. This regime remains in effect until the SBEF authorizes the cooperatives' operations or the three-year adjustment period under Supreme Decree No. 24439 expires.
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