Regulatory Alerts2019-09-03 | RESOLUCIONES DE DIRECTORIO N° 114/2019Added · Updated
Board Resolution No. 114/2019
The Board of Directors of the Central Bank of Bolivia amends Article 16, Paragraph V of the Regulation for the Administration of International Reserves to adjust the duration range of the Euro component of the Global Portfolio. The modified rule changes the allowable deviation from the reference comparator from a symmetric +/- 1.5 years to an asymmetric range of -0.5 years to +3 years. This modification takes effect immediately upon publication of the resolution.
Central Bank of Bolivia
Board of Directors
BOARD RESOLUTION NO. 114/2019
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES MODIFICATION TO BOARD RESOLUTION NO. 097/2018.
VIEWED:
- Law 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB).
- Board Resolution No. 097/2018 of July 31, 2018.
- Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2019-30 of August 29, 2019.
- Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2019-252 of August 30, 2019.
CONSIDERING:
- That the Political Constitution of the State establishes in its article 328 that it is an attribute of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to administer international reserves.
- That in accordance with what is provided in article 17 of Law No. 1670, the Central Bank of Bolivia has the function of administering and managing International Reserves, being able to invest them and deposit them in custody, as well as dispose of and pledge them in the manner it considers most appropriate for the fulfillment of its object and its functions and for their adequate safeguard and security.
- That within the framework of the aforementioned, the Central Bank of Bolivia has approved through Board Resolution No. 097/2108, the Regulation for the Administration of International Reserves, establishing the policies and norms for its correct administration.
- That the Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2019-30, recommends modifying the aforementioned Regulation with the aim of optimizing the management of said reserves.
- That as expressed in Report BCB-GAL-SANO-DLBCI-INF-2019-252, the Legal Affairs Management concludes that under the articles 44 and 54 of Law No. 1670 and 11 of the Statute of the Central Bank of Bolivia, the Board of Directors of the BCB is authorized to modify the Regulation for the Administration of International Reserves.
//2. B.R. No. 114/2019
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Modify paragraph V. of article 16 of the Regulation for the Administration of International Reserves approved through B.R. No. 097/2018, in the following terms:
SAYS:
V. The duration of the Euro component of the Global Portfolio will have a range of +/- 1.5 years in relation to the duration of its reference comparator.
MUST SAY:
“V. The duration of the Euro component of the Global Portfolio will have a range of -0.5 years and +3 years in relation to the duration of its reference comparator.”
Article 2.- The Presidency and General Management are entrusted with the execution and compliance of this Resolution
La Paz, September 3, 2019.
Pablo Ramos Sánchez
Gabriel Herbas Camacho
Sergio Velarde Vera
Abraham Pérez Afanía
Ronald Polo Rivero
Luis Baudoin Olea
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