Regulatory Alerts2008-05-27 | Resolución 070/2008Added · Updated
Resolution 070/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 17,000,000 banknotes of the 'H' series with a denomination of Bs20, totaling Bs340,000,000. Ernesto Yáñez is designated to represent the Board during the monetization act, and the Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 070/2008 SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF "H" SERIES BANKNOTES.
HAVING SEEN: 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 Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Banknote Provision Contract SANO No. 113/2007 of September 10, 2007, signed between the BCB and the company Francois Charles Oberthur Fiduciaire. The Report from the Monetary Operations Management STES No. 075/2008 of May 19, 2008. The Report from the Legal Affairs Management SANO No. 135/2008 of May 21, 2008.
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 a legal means of payment, 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 accordance with contract SANO No. 113/2007, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire the fourteenth shipment of "H" series banknotes of the Bs20.- denomination. That it is the attribution of the Board 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 to authorize the monetization of banknotes. That Report STES No. 075/2008 considers the monetization of the "H" series banknotes of the Bs20.- denomination necessary and recommends that the BCB Board consider the monetization of the monetary material delivered in vaults by the supplying company. That in the opinion of the Legal Affairs Management according to Report SANO No. 135/2008 there is no legal impediment for the BCB Board, in attention to its faculties and competencies, to approve the monetization of banknotes in the Bs20.- denomination.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of banknotes of the "H" series of the Bs20.- denomination, according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE in Bs. 20 17,000,000 340,000,000.- TOTAL 17,000,000 340,000,000.-
Article 2.- Designate Director Ernesto Yáñez, to represent the Board in the act of monetization of the cited material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, May 27, 2008
Raúl Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Osvaldo Nina Baltazar Ernesto Yáñez Aguilar
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