Regulatory Alerts1999-08-24 | Resolución 064/99Added · Updated
Resolution 064/99 Revoking Resolution 050/99
The Board of Directors of the Central Bank of Bolivia revokes Resolution 050/99 of June 22, 1999, which had established an adaptation schedule for NAFIBO SAM to the Exchange Position Regulations. This decision accepts the revocation appeal filed by NAFIBO SAM, determining that the specific resolution lost its purpose because the entity disagreed with the facilitations granted, while the underlying Regulation 109/97 remains in full force. The General Secretariat is tasked with notifying this decision to NAFIBO SAM, and the Presidency and General Management are responsible for its execution.
BOARD RESOLUTION NO. 064/99 SUBJECT: BOARD – REVOKES BOARD RESOLUTION NO. 050/99 DATED JUNE 22, 1999.
HAVING SEEN:
Central Bank of Bolivia Law No. 1670 of October 31, 1995.
Board Resolution No. 109/97 of May 8, 1997, which approves the Exchange Position Regulations of the Financial System.
Board Resolution No. 050/99 of June 22, 1999, which approves an adaptation schedule for NAFIBO SAM to the Exchange Position Regulations.
The Revocation Appeal filed by Jorge Rodríguez Aguiló in his capacity as General Manager of the Nacional Financiera Boliviana SAM, via note NFB 2463/99 dated August 9, 1999, and ratified by memorial of the 25th of the same month, challenging Board Resolution No. 050/99.
The Report from the Legal Advisory Office ALEG No. 048/99 of August 26, 1999.
The Report from the Economic Policy Advisory Office APEC/ARINV No. 013/99 of August 26, 1999.
CONSIDERING:
That the appellant requests the revocation of Board Resolution No. 050/99 of June 22, 1999.
That the Central Bank of Bolivia, pursuant to the provisions of Law No. 1670 of October 31, 1995, articles 1, 3, and 54, subsections a) and o), is the sole monetary and exchange authority of the country with the capacity to formulate policies of general application in the aforementioned matters, as well as to approve, modify, and interpret its regulations.
That the Board of the Central Bank of Bolivia issued Resolution No. 050/99, without altering or modifying Resolution No. 109/97 which approves the Exchange Position Regulations of the Financial System, with the exclusive objective of facilitating the adaptation of NAFIBO SAM to said Regulations.
That the administrative act of a substantive and normative nature, which establishes mandatory compliance, is Board Resolution No. 109/97 of May 8, 1997, which approves the Exchange Position Regulations.
That the aforementioned Regulations have not been the subject of any challenge and, consequently, maintain their validity, legal standing, and acquire mandatory character as they have been duly executed.
That since NAFIBO SAM does not agree with the facilitations granted by Resolution No. 050/99 to adapt to the main norm of mandatory compliance for all financial entities in the country, both first-tier and second-tier, it has lost its reason for being and the object for which it was issued.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Accept the challenge raised by NAFIBO SAM, revoking the BCB Board Resolution No. 050/99 dated June 22, 1999.
Article 2.- Notify the aforementioned decision to the Nacional Financiera Boliviana SAM through the General Secretariat.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, August 31, 1999
Juan Antonio Morales A.
Armando Pinell S.
Jaime Ponce G.
Juan Medinaceli
Fernando Campero P.
Armando Méndez M.
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