Regulatory Alerts2010-01-12 | Resolución 009/2010Added · Updated
Resolution 009/2010
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 20,880,000 coins of the Bs 1 denomination, totaling Bs 20,880,000. Director Rafael Boyán is designated to represent the Board at the monetization ceremony, while the Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 009/2010 SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF Bs 1.- CUT COINS
HAVING SEEN:
Law No. 901 of November 28, 1986, which creates the “Boliviano” as the legal and mandatory unit of currency.
Law No. 1670 of October 31, 1995.
The Statute of the Central Bank of Bolivia of October 21, 2005.
The Regulation on the Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 047/2009 of April 14, 2009.
The Coin Minting Contract SANO No. 078/2009 of May 19, 2009, and its Amending Addendum SANO No. 113/2009 of June 15, 2009, signed between the BCB and the Chilean Mint.
The Report from the Monetary Operations Management STES No. 006/2010 of January 11, 2010.
The Report from the Legal Affairs Management SANO No. 009/2010 of January 11, 2010.
CONSIDERING:
That Article 1 of Law No. 901 creates the Boliviano as the unit of the State's monetary system, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting January 1, 1987.
That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises exclusively and non-delegably the function of issuing Bolivia's monetary unit, in the form of banknotes and metallic coins.
That in accordance with the Coin Minting Contract and its Amending Addendum, the Central Bank of Bolivia has received the fifth shipment of metallic monetary material from the Chilean Mint.
That it is the authority of the Board of Directors, according to Article 54, subsection m) of Law No. 1670 and numeral 11 of Article 11 of the Statute, to authorize and supervise the issuance of banknotes and coins.
That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the BCB Board of Directors to authorize the monetization of banknotes and coins.
That Report STES No. 006/2010 considers the monetization of Bs 1.- cut coins necessary and recommends that the BCB Board of Directors consider the monetization of the monetary material delivered to the vault by the supplier, the Chilean Mint.
That in the opinion of the Legal Affairs Management, according to Report SANO No. 009/2010, there is no legal impediment for the BCB Board of Directors, in attention to its faculties and competencies, to approve the monetization of Bs 1.- cut coins.
THEREFORE
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of Bs 1.- cut coins according to the following detail:
CUT NUMBER OF PIECES VALUE IN Bs. 1.— 20,880,000 20,880,000 TOTAL 20,880,000 20,880,000
Article 2.- Designate Director Rafael Boyán to participate on behalf of the Board of Directors in the act of monetization of the aforementioned material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, January 12, 2010
Gabriel Loza Tellería
Hugo Dorado Araníbar Rolando Marín Ibáñez
Ernesto Yáñez Aguilar Rafael Boyán Téllez
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