Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 049/2018

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVAL OF MAXIMUM FEES FOR ELECTRONIC FUND TRANSFER ORDERS.

VISTOS:

• The Political Constitution of the State of February 7, 2009.
• Law No. 393 of August 21, 2013, on Financial Services.
• Law No. 164 of August 8, 2011, General Law on Telecommunications, Information and Communication Technologies.
• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB).
• The Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement approved by Board Resolution No. 134/2015 of July 28, 2015, and its modifications.
• Board Resolution No. 154/2014 of November 4, 2014, which approves the “Maximum Fees for Electronic Fund Transfer Orders.”
• The BCB Statute of October 21, 2005, approved by Board Resolution No. 128/2005 and its subsequent modifications.
• Note ASFI/DNP/R-62891/2018 of March 27, 2018, from the Financial System Supervision Authority (ASFI).
• Report from the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2018-15 of April 3, 2018.
• Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2018-63 of April 6, 2018.

CONSIDERING:

That the Political Constitution of the State establishes in its article 328 that it is an attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to regulate the payment system.

That according to article 331 of the Constitutional Text, financial intermediation activities, the provision of financial services, and any other activity related to the management, use, and investment of savings, are of public interest and can only be exercised with prior authorization of the State, in accordance with the Law.

That Law No. 393, on Financial Services, in paragraph III of its article 8, states that the Financial System Supervision Authority (ASFI) will issue specific regulation and supervise its compliance within the framework of the regulations issued by the BCB in the scope of the payment system.

That paragraph I of article 124 states that operations carried out within the framework of the services provided by financial entities may be performed through electronic means, which must necessarily comply with security measures that guarantee integrity, confidentiality, authentication, and non-repudiation.

That paragraph IV of the same article refers that ASFI and the BCB, according to their competencies, will issue regulation that establishes the procedure and security regulations for operations, as well as the minimum requirements that entities must meet to carry out activities such as electronic banking, telephone banking, and via mobile devices, regulatory norms of mandatory compliance by financial entities providing the service.

That Law No. 164, General Law on Telecommunications, Information and Communication Technologies, in its article 78 provides that the act or legal transaction carried out by a natural or legal person in a digital document or approved by the parties through digital signature, celebrated electronically or through another of greater technological advancement, the electronic data message, and the digital signature have legal and evidentiary validity.

That Law No. 1670 in its articles 2, 3, and 30 establishes that the BCB has the object of procuring the stability of the internal purchasing power of the national currency, for whose fulfillment it will formulate policies of general application in monetary and payment system matters, being subject to its regulatory competence, all entities of the financial intermediation and financial services system, whose operation is authorized by the Superintendence of Banks and Financial Entities, currently 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 norms; as well as establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs. For the monitoring and oversight of their execution, it will have access to independent information, analysis, and audit services.

That the BCB Statute, in items 1) and 13) of its article 11 determines that the Board of Directors is empowered to approve general decisions and issue the norms that

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are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, and to approve the norms for the functioning of the payment system.

That article 24 establishes that resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or the Statute require qualified majorities.

That Note ASFI/DNP/R-62891/2018 from ASFI states that it has no observations regarding the issuance of new maximum fees for electronic fund transfer orders.

That Report BCB-GEF-SSPSF-DVSP-INF-2018-15 from the Financial Entities Management states that it is necessary to update the maximum fees for Electronic Fund Transfer Orders in order to incentivize the use of electronic payment instruments, streamline financial transactions, decrease risks and costs associated with the handling of cash, and promote the electronic integration of the financial intermediation system.

That Report BCB-GAL-SANO-DLBCI-INF-2018-63 from the Legal Affairs Management states that there is no legal impediment for the BCB Board of Directors to consider the approval of the new Maximum Fees for Electronic Fund Transfer Orders, therefore recommending its approval.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- From June 1, 2018, the following maximum fees are established for the service of electronic fund transfer orders originating from financial intermediation entities destined to accounts in financial intermediation entities or mobile wallet accounts:

Maximum fees for electronic fund transfer orders originating from financial intermediation entities

Transfers in National Currency or its equivalent in Foreign Exchange (Amount per transaction) in Bs	Electronic Compensation Chamber (ACH) or Deferred Settlement Module (MLD) - LIP in Bs	Platform or ATMs in Bs	Integrated Payment Settlement System (LIP) - Hybrid Settlement Module (MLH) in Bs
1 - 10,000	0	0	30
10,001 – 50,000	0	5	30
50,001 – 100,000	5	10	30
Greater than 100,000	10	15	30

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Other electronic fund transfer orders

Type of Operation	Fee in Bs
Transfers to accounts of the same entity	0
Balance inquiries	0
Online service payments	0
Tax payments	0

Article 2.- Repeal Board Resolution No. 154/2014 of November 4, 2014, from the entry into force of this Resolution.

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

La Paz, April 10, 2018

Pablo Ramos Sánchez

Abraham Pérez Alandia

Gabriel Herbas Camacho

Luis Baudoin Olea

Ronald Polo Rivero

Sergio Velarde Vera