Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 166/2017

SUBJECT: LEGAL AFFAIRS DEPARTMENT – MODIFICATION OF BOARD RESOLUTION NO. 150/2017.

VISTOS:

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB).
• The BCB Statute approved by Board Resolution No. 128/2005 of October 21, 2005 and its modifications.
• The Regulation on the Administration of Monetary Material approved by Board Resolution No. 20/2016 of February 2, 2016 and its subsequent modifications.
• Board Resolution No. 150/2017 of October 24, 2017.
• The Report from the Treasury Department BCB-GTES-SAMM-DAMM-INF-2017-117 of November 17, 2017.
• The Report from the Legal Affairs Department BCB-GAL-SANO-DLBCI-INF-2017-353 of November 20, 2017.

CONSIDERING:

• That the Political Constitution of the State establishes in its article 328 that the attributions of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, are to determine and execute monetary policy, execute exchange rate policy, regulate the payment system, authorize the issuance of currency, and administer international reserves.

• That pursuant to articles 1 and 3 of Law No. 1670, the BCB is the sole monetary and exchange rate authority of the country with administrative, technical, and financial competence and specialized normative faculties of general application, being empowered to formulate policies in monetary, exchange rate, and payment system matters.

• That in subsection a) of article 54 of Law No. 1670, it is established that the Board has the attribution to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law.

• That the Regulation on the Administration of Monetary Material was modified by Board Resolution No. 150/2017 of October 24, 2017, which in its article 3 provided that it would enter into force starting from February 5, 2018.

• That numeral 22) of article 49 of the BCB Statute determines that the General Manager has the attribution to approve through General Manager Resolutions guides and/or manuals developed by organizational areas for external use or other documents that so require in current regulations, with the support of a technical report from the issuing area and a legal report from the Legal Affairs Department.

• That the Treasury Department, through Report BCB-GTES-SAMM-DAMM-INF-2017-117, states that it is necessary to modify article 3 of Board Resolution No. 150/2017 so that the General Manager is empowered to approve the “Manual for the Selection of Bolivian Banknotes” in accordance with what is provided by numeral 22) of article 49 of the BCB Statute.

• That the Legal Affairs Department, through Report BCB-GAL-SANO-DLBCI-INF-2017-353, establishes the need to modify Board Resolution No. 150/2017 with the purpose of clearly establishing that the modifications to the Regulation on the Administration of Monetary Material provided in article 1 of the aforementioned Resolution will enter into force starting from February 5, 2018, and that the approval of the “Manual for the Selection of Bolivian Banknotes” is entrusted to the General Manager in observance of what is provided by numeral 22 of article 49 of the BCB Statute.

• That the Legal Affairs Department concludes that in order to proceed with the approval of the “Manual for the Selection of Bolivian Banknotes” in accordance with what is established in the modifications to the Regulation on the Administration of Monetary Material, it concludes that it is necessary to modify Board Resolution No. 150/2017, and recommends submitting the aforementioned modification proposal to the consideration of the Board.

• That subsections a), n), and o) of article 54 of Law No. 1670 provide that the Board has the attribution to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law, as well as to formulate policies regarding the internal management of the BCB supervising its execution; and to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for any additional administrative act.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Repeal article 3 of Board Resolution No. 150/2017.

Article 2.- Determine that the modifications to articles 3, 4, 5, 14, and 17 of the Monetary Material Administration Regulation provided by article 1 of Board Resolution No. 150/2017 will enter into force starting from February 5, 2018.

Article 3.- For the purpose of the entry into force of the modifications mentioned in the previous article, the approval of the “Manual for the Selection of Bolivian Banknotes” is entrusted to the General Manager in observance of what is provided by numeral 22) of article 49 of the BCB Statute.

Article 4.- The Presidency and the General Manager are charged with the execution and compliance of this Resolution.

La Paz, November 21, 2017

Pablo Ramos Sánchez
Luis Baudoin Olea
Ronald Polo Rivero
Abraham Pérez Alandia
Sergio Velarde Vera
Gabriel Herbas Camacho