Resolution 055/2005

BOARD RESOLUTION NO. 055/2005
SUBJECT: MONETARY OPERATIONS MANAGEMENT -
AUTHORIZES MONETIZATION OF "G" SERIES BANKNOTES

HAVING REVIEWED:
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 December 13, 2001.
The Regulation on Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001.
The Banknote Printing Contract (Series G) SANO No. 159/2004 of September 29, 2004, signed between the BCB and the company Francois Charles Oberthur Fiduciaire. The Report from the Monetary Operations Management STES No. 033/2005 of April 27, 2005. The Report from the Legal Affairs Management SANO No. 105/2005, of April 29, 2005.

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 inalienably the function of issuing the monetary unit of Bolivia, in the form of banknotes and metallic coins. That in compliance with contract SANO No. 159/2004, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire, the entirety of the banknotes of the "G" series of the denominations Bs200, Bs20, and Bs10.

That it is an attribution of the Board of Directors according to Article 54, subsection m) of Law No. 1670 and 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 BCB Board of Directors to authorize the monetization of banknotes. That the Report STES No. 033/2005 considers the monetization of the banknotes of the denominations Bs200, Bs20, and Bs10 necessary. That in the opinion of the Legal Affairs Management according to Report SANO No. 105/2005, there is no legal impediment for the BCB Board of Directors, in attention to its faculties and competencies, to approve the monetization of banknotes in the denominations Bs200, Bs20, and Bs10.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Authorize the monetization of banknotes of the "G" series of the denominations
Bs200, Bs20, and Bs10 according to the following detail:

DENOMINATION | NUMBER OF PIECES | VALUE IN Bs
200 | 6,500,000.- | 1,300,000,000.- 20 | 22,400,000.- | 448,000,000.- 10 | 43,800,000.- | 438,000,000.-

Article 2.- Designate Director Enrique Ackermann to represent 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 3, 2005

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Juan Antonio Morales A.

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Enrique Ackermann A. José Luis Evia

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Fernando Paz B.