Regulatory Alerts2012-04-03 | Resolución 040/2012Added · Updated
Resolution 040/2012
The Board of Directors of the Central Bank of Bolivia approves a modification to Article 18 of the Foreign Exchange Operations Regulations. The amendment alters the delivery of foreign currency procedures by establishing that financial entities must provide national currency resources on the same day as the Bolsín session, or alternatively, the Central Bank may debit the entity's national currency accounts. The adjudicated US dollars are then delivered to the financial entities on the following business day via credit to their USD accounts.
BOARD RESOLUTION No. 040/2012 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES MODIFICATION TO THE FOREIGN EXCHANGE OPERATIONS REGULATIONS.
HAVING SEEN: Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB). The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and subsequent modifications. Board Resolution No. 031/2009 of March 31, 2009, which approves the Foreign Exchange Operations Regulations. The Report from the International Operations Management BCB-GOI-INF-2012-4 of March 27, 2012. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-94 of March 30, 2012.
CONSIDERING: That according to Article 54, subsection n) of Law No. 1670, it is the responsibility of the Board to formulate policies regarding the internal management of the BCB, supervising their execution.
That the International Operations Management, according to Report BCB-GOI-INF-2012-4, recommends the modification of Article 18 of the Foreign Exchange Operations Regulations with the purpose of adapting it to the current operation of providing funds for the sale of US dollars to the financial system in the Bolsín.
That as expressed in Report BCB-GAL-SANO-INF-2012-94, in the opinion of the Legal Affairs Management, there is no legal impediment for the Board to consider the modification of the Foreign Exchange Operations Regulations.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the modification of Article 18 of the Foreign Exchange Operations Regulations as follows:
SAYS Article 18.- (Delivery of foreign currency)
//2. B.D. No. 040/2012 On the same date as the Bolsín session, the current account and reserve account, the reserve account or current account in national currency of the financial entity will be debited, and on the next business day, the adjudicated USD will be delivered by credit to their current account and reserve account, reserve account or current account in USD.
SHOULD SAY “Article 18.- (Delivery of foreign currency) On the same date as the Bolsín session, financial entities will provide the resources in national currency or alternatively the BCB will debit the current account and reserve account, the reserve account or current account in national currency of the financial entity, and on the next business day, the adjudicated USD will be delivered by credit to their current account and reserve account, reserve account or current account in USD.”
Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, April 3, 2012
Marcelo Zabalaga Estrada
Rafael Boyán Téllez Hugo Dorado Araníbar
Ernesto Yáñez Aguilar Rolando Marín Ibáñez Gustavo Blacutt Alcalá
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