Resolution 069/99

BOARD RESOLUTION NO. 069/99
SUBJECT: INTERNATIONAL AFFAIRS – APPROVES INVESTMENT MARGIN IN THE FLAR, BLADEX, AND CAF FOR THE SECOND HALF OF 1999.

HAVING REVIEWED:
Law 1670 of October 31, 1995, Chapter II, regarding the functions of the BCB concerning International Reserves.
The Regulations for the Administration of International Reserves, approved by Board Resolution No. 080/97 of February 18, 1997.
Board Resolution No. 005/99 of January 12, 1999.
Report GAI No. 015/99 from the International Affairs Management dated August 26, 1999.
Report UAJUR No. 080/99 from the Legal Affairs Unit dated August 26, 1999.

CONSIDERING:
That Article 10 of the Regulations for the Administration of International Reserves stipulates that the BCB Board shall set the maximum limits for the investment of international monetary reserves in each of the worldwide or regional multilateral organizations in which the country holds shareholding participation.

That Board Resolution No. 005/99 authorized the investment of up to US$30 million in time deposits up to 6 months in the Andean Development Corporation (CAF), the Latin American Reserve Fund (FLAR), and the Latin American Bank of Exports (BLADEX), for the period between January 1 and June 30, 1999.

That Report GAI No. 015/99 from the International Affairs Management recommends maintaining the authorization to make investments in the FLAR, BLADEX, and CAF during the second half of 1999.

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That according to Report UAJUR No. 080/99 from the Legal Affairs Unit, there is no legal impediment to approving the investment limit in said multilateral organizations for the period July–December 1999.

That the Bank's Reserve Administration Committee, based on the criteria of security, liquidity, profitability, and institutional reciprocity established in the aforementioned Regulations, in its meeting of August 26, 1999, recommends authorizing the establishment of time deposits up to six months in the FLAR, BLADEX, and CAF, up to a maximum of US$20,000,000.00 (twenty million 00/100 US dollars) for the period July–December 1999.

THEREFORE,

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

Article 1.- Approve as the maximum investment limit in the FLAR, BLADEX, and CAF in time deposits up to six months, for the period between July 1 and December 31, 1999, the sum of US$20,000,000.00 (TWENTY MILLION 00/100 US DOLLARS) for each of the cited international organizations.

Article 2.- The Presidency and General Management are charged with executing this Resolution.

La Paz, August 31, 1999

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Juan Antonio Morales A.

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Armando Pinell S.

Jaime Ponce G.

Juan Medinaceli

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Fernando Campero P.

Armando Méndez M.