Regulatory Alerts2009-05-14 | Resolución 053/2009Added · Updated
Resolution 053/2009
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 14,067,500 newly minted 0.50 Boliviano coins, valued at 7,033,750 Bolivianos. Director Rafael Boyán is designated to represent the Board at the monetization ceremony, and the Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 053/2009
SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF 0.50 Bs COINS
HAVING VIEWED: Law No. 901 of November 28, 1986, which creates the "Boliviano" as the legal and mandatory unit of currency. 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. 047/2009 of April 14, 2009. The Coin Minting Contract SANO No. 215/2007 of December 19, 2007, and its Amending Addendum SANO No. 087/2008 of May 9, 2008, signed between the BCB and the Chilean Mint. The Report from the Monetary Operations Management STES No. 052/2009 of May 8, 2009. The Report from the Legal Affairs Management SANO No. 127/2009 of May 11, 2009.
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 circulate as legal tender, starting from January 1, 1987.
That according to Article 10 of Law No. 1670, the Central Bank of Bolivia exercises exclusively and non-delegably the function of issuing Bolivia's monetary unit, in the form of banknotes and metallic coins.
That in accordance with the Coin Minting Contract and its Amending Addendum, the Central Bank of Bolivia has received from the Chilean Mint the total amount of metallic monetary material.
That it is the attribution of the Board of Directors, according to Article 54, paragraph m) of Law No. 1670 and numeral 11 of Article 11 of the Statute, to authorize and supervise the issuance of banknotes and coins.
That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the BCB Board of Directors to authorize the monetization of banknotes and coins.
That Report STES No. 052/2009 considers it necessary to monetize newly minted 0.50 Bs coins and recommends that the BCB Board of Directors consider the monetization of the monetary material delivered to the vault by the supplier, the Chilean Mint.
That in the opinion of the Legal Affairs Management, according to Report SANO No. 127/2009, there is no legal impediment for the BCB Board of Directors, in light of its powers and competencies, to approve the monetization of newly minted 1 Bs coins.
THEREFORE
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of newly minted 0.50 Bs coins according to the following detail:
DENOMINATION | NUMBER OF PIECES | VALUE IN Bs. 0.50 | 14,067,500 | 7,033,750 TOTAL | 14,067,500 | 7,033,750
Article 2.- Designate Director Rafael Boyán to participate on behalf of the Board of Directors in the monetization ceremony of the aforementioned material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, May 12, 2009
Gabriel Loza Tellería
Gustavo Blacutt Alcalá Rolando Marín Ibáñez
Ernesto Yáñez Aguilar Rafael Boyán Téllez
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