Regulatory Alerts1999-07-13 | Resolución 060/99Added · Updated
Resolution 060/99
The Board of Directors of the Central Bank of Bolivia amends Resolution No. 047/99 by reducing the minimum balance required to open foreign fiscal current accounts from $100,000 to $50,000. Additionally, the resolution lowers the annual administrative commission rates charged on the average account balance for public sector entities, setting them at 2% for balances up to $100,000, 1.5% for balances between $100,001 and $500,000, and 1% for balances exceeding $500,001.
BOARD RESOLUTION NO. 060/99 SUBJECT: BOARD – PARTIALLY MODIFIES RESOLUTION NO. 047/99 WHICH APPROVES THE OPENING OF FISCAL CURRENT ACCOUNTS ABROAD.
VIEWING: Law 1670 of October 31, 1995. Supreme Decree No. 25378 of May 7, 1999. Ministerial Resolution No. 604 of May 20, 1999. Board Resolution No. 102/98 of November 17, 1998, which approves the Table of Commissions and Other Income for the 1999 management period. BCB Board Resolution No. 047/99 of June 8, 1999. Office of the Vice Minister of Treasury and Public Credit D.G.C.P. 05-016 Of. No. 344/99 of July 9, 1999. Report from the International Affairs Management GAI No. 013/99 of July 13, 1999. Report from the Legal Advisory ALEG No. 042/99 of July 13, 1999.
CONSIDERING: That the Vice Minister of Treasury and Public Credit, through office D.G.C.P. 05-016 Of. No. 344/99, observes BCB Board Resolution No. 047/99 which authorizes the opening of fiscal current accounts abroad, regarding the minimum amounts for account opening and the levels of commissions that the Central Bank will charge for the administration of said accounts.
That in attention to the aforementioned arguments and with the purpose of cooperating with fiscal entities, the Board has ordered that Resolution No. 047/99 be reviewed.
//2. B.R. No. 060/99 That based on the reports issued by the Legal Advisory and the International Affairs Management of the BCB, it has been deemed convenient to modify the second paragraph of Article 1 and the commissions listed in Article 2 of Board Resolution No. 047/99.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Modify articles 1 and 2 of Board Resolution No. 047/99 of June 8, 1999, in the following terms:
SAYS Article 1.- Authorize the opening of fiscal current accounts abroad for entities of the public sector, within the framework of what is established by Supreme Decree No. 25378 of May 7, 1999 and Ministerial Resolution No. 604 of May 20, 1999, subject to the requirements and procedures established by the General Management of the Central Bank of Bolivia through an express Circular. The minimum amount for the opening of a fiscal current account abroad will be $100,000 USD.
SHOULD SAY “Article 1.- Authorize the opening of fiscal current accounts abroad for entities of the public sector, within the framework of what is established by Supreme Decree No. 25378 of May 7, 1999 and Ministerial Resolution No. 604 of May 20, 1999, subject to the requirements and procedures established by the General Management of the Central Bank of Bolivia through an express Circular. The minimum amount for the opening of a fiscal current account abroad will be $50,000 USD.”
//3. B.R. No. 060/99
SAYS Article 2.- Include within the Table of Commissions and Other Income of the BCB, approved through Board Resolution No. 102/98 of November 17, 1998, the following commissions to be charged monthly to cover the administrative costs of maintaining the fiscal current accounts opened by public sector entities abroad:
AMOUNT COMMISSIONS $0 to $100,000 USD 3% annual on the average balance of the account $100,001 to $500,000 USD 2% annual on the average balance of the account $500,001 and above 1.5% annual on the average balance of the account
SHOULD SAY “Article 2.- Include within the Table of Commissions and Other Income of the BCB, approved through Board Resolution No. 102/98 of November 17, 1998, the following commissions to be charged monthly to cover the administrative costs of maintaining the fiscal current accounts opened by public sector entities abroad:
AMOUNT COMMISSIONS $0 to $100,000 USD 2% annual on the average balance of the account $100,001 to $500,000 USD 1.5% annual on the average balance of the account $500,001 and above 1% annual on the average balance of the account”
//4. B.R. No. 060/99
Article 2.- The Presidency and the General Management are entrusted with the execution and compliance of this Resolution.
La Paz, July 13, 1999
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G. Armando Méndez M.
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