Regulatory Alerts2008-04-03 | Resolución 041/2008Added · Updated
Resolution 041/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of newly minted 1 Boliviano and 0.50 Boliviano coins. The resolution specifies the issuance of 15,000,000 coins of each denomination, totaling 20,000,000 pieces with a combined face value of 30,000,000 Bolivianos. Director Gustavo Blacutt 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. 041/2008 SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF COINS IN DENOMINATIONS OF Bs1 AND Bs0.50.
HAVING REVIEWED: 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. 108/2001 of October 30, 2001. The Banknote Provision Contract SANO No. 215/2007 of December 19, 2007, signed between the BCB and the Chilean Mint. The Report from the Monetary Operations Management STES No. 048/2008 of March 31, 2008. The Report from the Legal Affairs Management SANO No. 083/2008 of April 1, 2008.
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 put circulation as a legal means of payment, starting from January 1, 1987. That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises in an exclusive and non-delegable manner the function of issuing the monetary unit of Bolivia, in the form of banknotes and metallic coins.
That in accordance with contract SANO No. 215/2007, the Central Bank of Bolivia has received from the Chilean Mint, the first shipment of newly minted coins of the denominations of Bs1 and Bs0.50. That it is the responsibility of the Board according to Article 54 subsection m) of Law No. 1670 and the 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 the BCB, the authorization of monetization of banknotes. That Report STES No. 048/2008 considers necessary the monetization of coins of newly minted of the denominations of Bs1 and Bs0.50 and recommends to the Board of the BCB consider the monetization of the monetary material delivered in vaults by the provider Chilean Mint. That in the opinion of the Legal Affairs Management according to Report SANO No. 083/2008 there is no legal impediment for the Board of the BCB, in attention to its faculties and competencies, to approve the monetization of newly minted coins of the denominations of Bs1 and Bs0.50.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES: Article 1.- Authorize the monetization of newly minted coins of the denominations of Bs1 and Bs0.50, according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE IN Bs. 1 15,000,000 15,000,000.00 0.50 10,000,000 5,000,000.00 TOTAL 25,000,000 20,000,000.00
Article 2.- Designate Director Gustavo Blacutt to represent the Board in the act of monetization of the cited material.
Article 3.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.
La Paz, April 3, 2008
Raúl Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar
Osvaldo Nina Baltazar
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