Regulatory Alerts2022-01-07 | CIEX N° 2/2022Added · Updated
CIEX No. 2/2022: Constitution of the Fund for Credits Destined to the Productive Sector - CPRO
The Central Bank of Bolivia establishes the Fund for Credits Destined to the Productive Sector (CPRO) using resources released from the reduction of Legal Reserve Rates for national and foreign currency, effective January 10, 2022. Financial Intermediation Entities (EIFs) must contribute to this fund based on their available Legal Reserve Funds, which serve as collateral for loans they may request from the Central Bank starting January 18, 2022. Monthly monitoring of loan portfolio growth begins with declarations due by the fifth business day of February 2022, excluding credits already reported in other specific funds.
Calle Ayacucho esquina Mercado - Teléfono: (591-2) 2409090 - Fax: (591-2) 2661590 www.bcb.gob.bo - bancocentraldebolivia@bcb.gob.bo - La Paz – Bolivia } CIRCULAR EXTERNA La Paz, January 7, 2022 CIEX No. 2/2022 FROM: GENERAL MANAGEMENT FINANCIAL ENTITIES MANAGEMENT TO: FINANCIAL INTERMEDIATION ENTITIES SUBJECT: CONSTITUTION OF THE FUND FOR CREDITS DESTINED TO THE PRODUCTIVE SECTOR - CPRO
Gentlemen: The Central Bank of Bolivia (BCB) informs Financial Intermediation Entities (EIFs) that on December 28, 2021, through Board Resolution No. 147/2021, the BCB approved the reduction of Legal Reserve Rates for Titles for national and foreign currency. This modification in the structure of legal reserve rates will be in effect starting January 10, 2022, releasing resources with which the “Fund for credits destined to the productive sector (CPRO)” is constituted. The participation of each EIF in the CPRO Fund is equal to the resources of the Legal Reserve Funds for National and Foreign Currency (FRAL MN y ME) available after the application of legal reserve rates and may be increased with voluntary contributions.
The resources of the CPRO Fund will serve as collateral for loans in national currency that each EIF requests from the BCB under the conditions established in BCB RD No. 147/2021. Likewise, the monthly control of the growth of the portfolio granted by the EIFs will begin from the sworn declarations presented with a cut-off at the end of January 2022.
Sworn declarations with information on the balance of credits granted to the productive sector, with a cut-off at the end of each month, presented by the fifth business day of the following month, MUST NOT include credits reported in other sworn declarations (CPVIS III Funds, CAPROSEN, and FIUSEER) and must be submitted only by the entities that requested loans with collateral from their participation in the CPRO Fund.
EIFs may submit loan requests with collateral from the CPRO Fund starting January 18, 2022.
Calle Ayacucho esquina Mercado - Teléfono: (591-2) 2409090 - Fax: (591-2) 2661590 www.bcb.gob.bo - bancocentraldebolivia@bcb.gob.bo - La Paz – Bolivia } Sincerely. DIGITALLY SIGNED DOCUMENT Rolando Sergio Colque Soldado MANAGER OF FINANCIAL ENTITIES Rubén Gonzalo Ticona Chique GENERAL MANAGER Validate digital signatures at validar.firmadigital.bo RGTCH/RSCS/ceol