Regulatory Alerts2005-02-22 | Resolución 035/2005Added · Updated
Resolution 035/2005
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of Series G banknotes in denominations of Bs100 and Bs50. This action involves 24,600,000 pieces of Bs100 notes and 18,100,000 pieces of Bs50 notes, resulting in a total monetary value of Bs3,365,000,000.00. Director Enrique Ackermann is designated to represent the Board during the monetization ceremony, and the Presidency and General Management are tasked with executing the resolution.
BOARD RESOLUTION NO. 035/2005
SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF "G" SERIES BANKNOTES
HAVING REVIEWED: 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 December 13, 2001. The Regulation on Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Banknote Printing Contract (Series G) SANO No. 159/2004 of September 29, 2004, signed between the BCB and the company Francois Charles Oberthur Fiduciaire. The Reports from the Monetary Operations Management STES No. 006/2005 of February 21, 2005, STES No. 009/2005 of February 28, 2005, and STES No. 011/2005 of March 3, 2005. The Report from the Legal Affairs Management SANO No. 048/2005, of March 8, 2005.
CONSIDERING: That Article 1 of Law No. 901 creates the Boliviano as the unit of the monetary system of the Republic, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting from January 1, 1987.
That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises exclusively and inalienably the function of issuing the monetary unit of Bolivia, in the form of banknotes and metallic coins.
That in compliance with contract SANO No. 159/2004, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire, the entirety of the banknotes of the "G" series of the Bs100 and Bs50 denominations.
That it is an attribution 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.
That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material, establishes that it is the faculty of the Board of Directors of the BCB to authorize the monetization of banknotes.
That Report STES No. 011/2005 considers the monetization of the banknotes of the Bs100.- and Bs50.- denominations necessary.
That in the opinion of the Legal Affairs Management according to Report SANO No. 048/2005 there is no legal impediment for the Board of Directors of the BCB, in attention to its faculties and competencies, to approve the monetization of banknotes in the denominations of Bs100.- and Bs50.-.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of banknotes of the "G" series of the Bs100 and Bs50 denominations according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE IN Bs 100 24,600,000 2,460,000,000.00 50 18,100,000 905,000,000.00 TOTAL 42,700,000 3,365,000,000.00
Article 2.- Designate Director Enrique Ackermann to in representation of the Board of Directors participate in the act of monetization of the cited material.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, March 15, 2005
Juan Antonio Morales A.
Enrique Ackermann A. Fernando Paz B.
José Luis Evia V. Jaime Apt B.
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