Regulatory Alerts1999-01-12 | Resolución 005/99Added · Updated
Resolution 005/99
The Board of Directors of the Central Bank of Bolivia approves a maximum investment limit of US$ 30,000,000 in time deposits up to six months for each of the Latin American Reserve Fund (FLAR), the Latin American Export Bank (BLADEX), and the Andean Development Corporation (CAF) for the period from January 1 to June 30, 1999. This resolution authorizes the President and General Management to execute the approved investment limits.
BOARD RESOLUTION NO. 005/99
SUBJECT: INTERNATIONAL AFFAIRS DEPARTMENT – APPROVES INVESTMENT MARGIN IN FLAR, BLADEX, AND CAF FOR THE FIRST SEMESTER OF 1999.
HAVING REVIEWED:
Law of the Central Bank of Bolivia No. 1670 of October 31, 1995, Chapter II, regarding the functions of the Central Bank of Bolivia in relation to International Reserves.
The Regulations for the Administration of International Reserves, approved by Board Resolution No. 080/97 of February 18, 1997.
Board Resolution No. 071/98 of July 14, 1998.
Report GAI No. 001/99 from the International Affairs Department dated January 7, 1999.
Report UAJUR No. 002/99 from the Legal Affairs Unit dated January 7, 1999.
CONSIDERING:
That Article 10 of the Regulations for the Administration of International Reserves stipulates that the Board of Directors of the Central Bank of Bolivia shall set the maximum limits for the investment of international monetary reserves in each of the global or regional multilateral organizations in which the country holds shareholding participation.
That Board Resolution No. 068/98 authorized the investment of up to US$ 20 million in time deposits up to 3 months in the Latin American Export Bank (BLADEX).
That Board Resolution No. 071/98 authorized the investment of up to US$ 40 million in time deposits up to 6 months in the Andean Development Corporation (CAF) and the Latin American Reserve Fund (FLAR), for the period between January 1 and June 30, 1998.
That Report GAI No. 001/99 from the International Affairs Department recommends maintaining the authorization to make investments in FLAR, BLADEX, and CAF during the first semester of 1999.
That according to Report UAJUR No. 002/99 from the Legal Affairs Unit, there is no legal impediment to approving the investment limit in said multilateral organizations for the period January-June 1999.
That the Bank's Reserve Administration Committee, based on the criteria of security, liquidity, profitability, and institutional reciprocity established in the aforementioned Regulations, in its meeting of January 7, 1999, recommends authorizing the establishment of time deposits in FLAR, BLADEX, and CAF, up to a maximum of US$ 30,000,000.00 (Thirty million 00/100 US dollars) in each entity, during the period January-June 1999.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Approve as the maximum investment limit in FLAR, BLADEX, and CAF in time deposits up to six months, for the period between January 1 and June 30, 1999, the sum of US$ 30,000,000.00 (THIRTY MILLION 00/100 US DOLLARS) in each entity.
Article 2.- The Presidency and General Management are charged with executing this Resolution.
La Paz, January 12, 1999
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinaceli
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