Regulatory Alerts1998-04-14 | Resolución 047/98Added · Updated
Resolution 047/98 on Transfer and Delegation of Fiscal Current Accounts
The Central Bank of Bolivia mandates the transfer of all fiscal current accounts to its administration by June 30, 1998, followed by their delegation to Accredited Financial Entities (EFAs) starting July 1, 1998. EFAs must account for these accounts in off-balance-sheet items, submit daily transaction reports by 19:00 and detailed balance reports by 11:00 the following business day, and remit monthly statements within the first twenty days of the subsequent month. During the interim period from May 4 to June 30, 1998, EFAs are required to deposit 100% of fiscal account balances into their BCB 'Fiscal Funds' accounts, and custody funds for these accounts are immediately nullified. The Central Bank will debit or credit EFAs for daily deposit flow discrepancies and impose penalties based on the national repo rate for overpayments.
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