Resolution 020/99 Approves 1999 Monetary Program

BOARD RESOLUTION NO. 020/99

SUBJECT: ECONOMIC POLICY ADVISORY - APPROVES MONETARY PROGRAM FOR 1999 MANAGEMENT.

HAVING REVIEWED:
Law No. 1670 of the Central Bank of Bolivia dated October 31, 1995.
Report No. 008/99 from the Economic Policy Advisory dated March 15, 1999.
Report ALEG No. 054/99 from the Legal Advisory dated March 16, 1999.

CONSIDERING:
That Laws 1670 and 1864 establish that the Central Bank of Bolivia shall formulate policies of general application in monetary, exchange, and payments system matters.

That in February of this year, technicians from the Central Bank of Bolivia and the International Monetary Fund (IMF) prepared a draft Monetary Program for 1999, which is part of the Enhanced Structural Adjustment Facility (ESAF) agreement with said international financial organization for a three-year period, spanning from September 18, 1998, to September 17, 2001.

That Report No. 008/99 from the Economic Policy Advisory contains the targets and projections of the Monetary Program for 1999, and recommends its approval by the Board of Directors.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Approve the Monetary Program for the 1999 management period, whose targets and projections are detailed in the table attached to this Resolution.

Article 2.- The Economic Policy Advisory shall report to the Board of Directors, at the end of each quarter, regarding the fulfillment of the targets with respect to the 1999 Monetary Program.

Article 3.- The Presidency and General Management are charged with executing this Resolution.

La Paz, March 30, 1999

---

Juan Antonio Morales A.

---

Armando Pinell S. Jaime Ponce G.

---

Juan Medinaceli Fernando Campero P.