Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 192/2015

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES THE PURCHASE OF SPECIAL DRAWING RIGHTS AND THEIR SUBSEQUENT SALE.

REGARDING:

• The Political Constitution of the State approved by referendum on January 25, 2009, and published on February 7, 2009.
• Law 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB).
• The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and its subsequent modifications.
• The Regulation for the Administration of International Reserves approved by Board Resolution No. 119/2014.
• The Report from the International Operations Management BCB-GOI-INF-2015-13 of October 9, 2015.
• The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2015-433 of October 12, 2015.

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 administer international reserves.
• That in accordance with what is provided in article 16 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 functions and for their adequate safeguarding and security.
• That the Board of Directors of the BCB, in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized regulations of general application, and internal norms, being empowered to issue norms and adopt general decisions that may be necessary for the fulfillment of the functions, competencies, and powers assigned by Law to the Issuing Entity, as established in articles 44 and 54 subsection o) of Law No. 1670 and articles 9, 11, and 24 of the Statute of the BCB.

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//2. B.R. No. 192/2015

That the International Operations Management, through Report BCB-GOI-INF-2015-13, recommends to the Board of Directors of the Institution, authorize the purchase of Special Drawing Rights (SDRs) from the Central Bank of Venezuela for their subsequent sale.

That as expressed in Report BCB-GAL-SANO-INF-2015-433, in the opinion of the Legal Affairs Management, there is no legal impediment for the Board to authorize said operation.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize the purchase of three hundred thirty-two million Special Drawing Rights (SDR 332,000,000.-) of the Bolivarian Republic of Venezuela, through the Central Bank of Venezuela, for subsequent sale.

Article 2.- The resources for the purchase of the SDRs will come from the Liquidity Portfolio. The resources obtained from the sale of the SDRs will be invested in the Liquidity Portfolio.

Article 3.- Within the framework of these operations, any provision contrary to this Resolution is hereby repealed.

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

La Paz, October 13, 2015.

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Signatures:

• Reyhaldo Yujra Segales
• Alvaro Rodriguez Rojas
• Abraham Pérez Alandia
• Sergio Velarde Vera
• Ronald Polo Rivero