Regulatory Alerts2007-05-02 | Resolución 57/2006Added · Updated
Board Resolution No. 057/2007
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of additional Series G banknotes in denominations of Bs100 and Bs200. This authorization covers a total of 6,600,000 pieces with a combined face value of Bs1,095,000,000, delivered by the supplier Francois Charles Oberthur Fiduciaire. Director Ernesto Yañez is designated to represent the Board during the monetization act, and the Presidency and General Management are tasked with executing the resolution.
BOARD RESOLUTION NO. 057/2007
SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF ADDITIONAL "G" SERIES BANKNOTES.
HAVING VIEWED: Law No. 901 of November 28, 1986, which creates the "Boliviano" as the legal and mandatory unit of currency. Law No. 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia of October 21, 2005. The Regulation on Emission, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Banknote Provision Contract (Additional Series G) SANO No. 114/2006 of October 18, 2006, signed between the BCB and the company Francois Charles Oberthur Fiduciaire. The Reports from the Monetary Operations Management STES No. 057/2007 of May 7, 2007 and STES No. 058/2007 of May 7, 2007 and STES No. 059/2007 of May 8, 2007. The Report from the Legal Affairs Management SANO No. 112/2007 of May 8, 2007.
CONSIDERING: That Article 1 of Law No. 901 creates the Boliviano as the unit of the monetary system of the Republic, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting from January 1, 1987. That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises exclusively and non-delegably the function of issuing the monetary unit of Bolivia, in the form of banknotes and metallic coins.
That in accordance with contract SANO No. 114/2006, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire the partial provision of banknotes of the additional "G" series in denominations of Bs100 and Bs200. That it is an 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. That Article 9 of the Regulation for the Emission, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the Board of Directors of the BCB to authorize the monetization of banknotes. That Reports STES No. 057/2007 and STES No. 058/2007 consider the monetization of the additional "G" series banknotes in denominations of Bs100 and Bs200 necessary, and recommend to the Board of Directors of the BCB to consider the monetization of the monetary material delivered in vaults by the supplier company Francois Charles Oberthur Fiduciaire. That in the opinion of the Legal Affairs Management according to Report SANO No. 112/2007, there is no legal impediment for the Board of Directors of the BCB, in attention to its faculties and competencies, to approve the monetization of banknotes in denominations of Bs100 and Bs200.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of banknotes of the additional "G" series in denominations of Bs100 and Bs 200 according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE in Bs 200 4,350,000 870,000,000 100 2,250,000 225,000,000 TOTAL 6,600,000 1,095,000,000
Article 2.- Designate Director Ernesto Yañez to represent the Board of Directors in the act of monetization of the cited material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, May 8, 2007
Raul Garrón Claure
Hugo Dorado Aranibar Osvaldo Nina Baltazar
Ernesto Yánez Aguilar
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