Resolution 049/2012

BOARD RESOLUTION NO. 049/2012
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES MODIFICATION TO THE REGULATION FOR THE ADMINISTRATION OF INTERNATIONAL RESERVES.

HAVING SEEN:

The 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 its subsequent modifications.
The Regulation for the Administration of International Reserves approved by Board Resolution No. 163/2011 of December 20, 2011.
The Report from the International Operations Management BCB-GOI-INF-2012-7 of April 20, 2012.
The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-117 of April 20, 2012.

CONSIDERING:

That according to Article 54, subsection o) of Law No. 1670, it is the authority of the Board of Directors of the Central Bank of Bolivia to modify the Regulations of the Institution by two-thirds of the votes of all its members without the need for any additional administrative act.

That the Report from the International Operations Management BCB-GOI-INF-2012-7 recommends the modification of Article 13 of the Regulation for the Administration of International Reserves.

That the Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-117 concludes that the modification of Article 13 of the Regulation for the Administration of International Reserves proposed by the GOI is legally appropriate, as it does not contravene the current legal framework, and it is the competence of the Board of Directors of the BCB to consider its approval by two-thirds of the votes of all its members.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify Article 13 of the Regulation for the Administration of International Reserves in the following terms:

SAYS:

//2. B.R. No. 049/2011
Article 13.- (Sovereign Risk)
The country where the investments will be made and the country of the parent company of the institutions in which the international reserve investments will be made or with which the intermediation will be carried out, must have a long-term sovereign credit risk rating equal to or greater than AA-.

SHOULD SAY:

“Article 13.- (Sovereign Risk)
The country where the investments will be made and the country of the parent company of the institutions in which the international reserve investments will be made or with which the intermediation will be carried out, must have a long-term sovereign credit risk rating equal to or greater than A.”

Article 2.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, April 24, 2012

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Marcelo Zabalaga Estrada

_________________________ _________________________ Hugo Dorado Araníbar Ernesto Yáñez Aguilar

_________________________ _________________________ Rolando Marín Ibáñez Gustavo Blacutt Alcalá