Regulatory Alerts2008-04-15 | Resolución 048/2008Added · Updated
Resolution 048/2008
The Board of Directors of the Central Bank of Bolivia authorizes public sector entities to channel export operations through the ALADI Reciprocal Payments and Credits Convention. Eligible instruments include letters of credit, payment orders, endorsed bills of exchange, and promissory notes, provided the goods originate from ALADI member countries and exclude red, revolving, or standby letters of credit. Public entities must notify the Central Bank prior to export, and the operation requires prior written authorization from the Bank.
BOARD RESOLUTION NO. 048/2008 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES THE CHANNELING OF EXPORT OPERATIONS FOR THE PUBLIC SECTOR THROUGH THE ALADI RECIPROCAL PAYMENTS AND CREDITS AGREEMENT.
HAVING SEEN: Law No. 1670 of October 31, 1995. The Reciprocal Payments and Credits Agreement currently in force between the Central Banks of the member countries of ALADI and that of the Dominican Republic, as well as its Regulations. The Report from the International Operations Management SOE-DOCC No. 05/2008 of April 8, 2008. The Report from the Legal Affairs Management SANO No. 095/2008 of April 11, 2008.
CONSIDERING: That the Report SOE-DOCC No. 05/2008 from the International Operations Management, due to the request from the Vinto Metallurgical Company to channel export operations through the ALADI Reciprocal Payments and Credits Agreement, recommends that these operations be authorized for the public sector.
That the Report SANO No. 095/2008 from the Legal Affairs Management, states that there is no legal impediment for the Board to authorize the channeling of public sector export operations through the ALADI Reciprocal Credits and Payments Agreement.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize, effective from this date, the channeling of export operations of the public sector through the ALADI Reciprocal Credits and Payments Agreement (CPCR – ALADI).
Article 2.- The following instruments may be channeled through the CPCR – ALADI, which must correspond to goods trade operations and their related services, with the requirement that the origin of the traded merchandise corresponds to countries that are members of the Agreement: a) Letters of Credit and/or Documentary Credits. b) Payment orders for goods trade operations. c) Bills of exchange corresponding to endorsed commercial operations. d) Promissory notes issued or endorsed, derived from commercial operations. Letters of credit and/or documentary credits with red clauses, revolving clauses, or standby clauses may not be processed through the Agreement.
Article 3.- For export operations via CPCR – ALADI, the requesting public entity must notify the Central Bank of Bolivia (BCB) of the execution of the operation prior to the export. The BCB will authorize the operation through a written communication addressed to the public entity.
Article 4.- The Presidency and the General Management are tasked with executing this Resolution.
La Paz, April 15, 2008
Raúl Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar
Osvaldo Nina Baltazar
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