Regulatory Alerts2010-03-02 | Resolución 035/2010Added · Updated
Resolution 035/2010
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 4,320,000 coins of the Bs 1 denomination, totaling Bs 4,320,000. Director Ernesto Yáñez is designated to represent the Board at the monetization ceremony, and the Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 035/2010 SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF Bs 1.- CUT COINS
HAVING VIEWED: The Law No. 901 of November 28, 1986, which creates the “Boliviano” as the legal and mandatory unit of currency. The 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 Modifying 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. 029/2010 of March 1, 2010. The Report from the Legal Affairs Management SANO No. 054/2010 of March 1, 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 metal coins. That in accordance with the Coin Minting Contract and its Modifying Addendum, the Central Bank of Bolivia has received the tenth delivery of metal monetary material from the Chilean Mint. That it is the attribute 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.
//2. B.D. No. 035/2010 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 the Report STES No. 029/2010 considers it necessary to monetize coins of the Bs 1.- cut 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. 054/2010, there is no legal impediment for the BCB Board of Directors, in attention to its faculties and competencies, to approve the monetization of coins of the Bs 1.- cut.
THEREFORE THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of coins of the Bs 1.- cut according to the following detail:
CUT NUMBER OF PIECES VALUE IN Bs. 1.- 4,320,000 4,320,000 TOTAL 4,320,000 4,320,000
Article 2.- Designate Director Ernesto Yáñez 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, March 2, 2010
Gabriel Loza Tellería
Gustavo Blacutt Alcalá Ernesto Yáñez Aguilar Rolando Marín Ibáñez
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