Regulatory Alerts2006-09-05 | Resolución 072/2006Added · Updated
Resolution 072/2006
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of newly minted coins with denominations of Bs0.50, Bs0.20, and Bs0.10, totaling 39,400,000 pieces with a face value of Bs10,420,000. The resolution designates Director Hugo Dorado Aranibar to participate in the monetization act and charges the Presidency and General Management with executing and complying with the resolution.
BOARD RESOLUTION NO. 072/2006 SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF Bs0.50, Bs0.20, AND Bs0.10 COINS
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 the Central Bank of Bolivia of October 31, 1995.
The Statute of the Central Bank of Bolivia, approved by Board Resolution No. 128/2005 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 Coin Minting Contract SANO No. 018/2006 of January 25, 2006, signed between the Central Bank of Bolivia and the company ROYAL CANADIAN MINT.
The Reports from the Monetary Operations Management STES No. 062/2006 of August 4, 2006, STES No. 067/2006 of August 14, 2006, STES No. 069/2006 of August 25, 2006, and STES No. 070/2006 of August 28, 2006.
The report from the Legal Affairs Management SANO No. 156/2006 of September 1, 2006.
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.
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 it is an attribution of the Board of Directors of the Central Bank of Bolivia, according to Article 11, numeral 11 of the Statute, in concordance with what is established in Article 54, subsection m) of Law No. 1670, to authorize and supervise the issuance of monetary material.
That in compliance with Contract SANO No. 018/2006, the company ROYAL CANADIAN MINT delivered to the Central Bank of Bolivia the entirety of the minted coins.
That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that the Board of Directors of the Issuing Entity will authorize the monetization of monetary material through an express resolution.
That according to the Report from the Monetary Operations Management STES No. 070/2006, the monetization of the minted coins corresponding to the denominations of Bs0.50, Bs0.20, and Bs0.10 is considered necessary.
That in the opinion of the Legal Affairs Management, according to Report SANO No. 156/2006, there is no legal impediment for the Board of Directors of the Central Bank of Bolivia to authorize the monetization of the minted coins corresponding to the denominations of Bs0.50, Bs0.20, and Bs0.10, as well as their circulation.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of the minted coins in the denominations of Bs0.50, Bs0.20, and Bs0.10 according to the following detail:
Denomination Bs | Number of Pieces | Value in Bs 0.50 | 12,900,000.- | 6,450,000.- 0.20 | 13,200,000.- | 2,640,000.- 0.10 | 13,300,000.- | 1,330,000.- Total | 39,400,000.- | 10,420,000.-
Article 2.- Designate Director Hugo Dorado Aranibar to participate in the monetization act.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, September 5, 2006.
Raúl Garrón Claure
Enrique Ackermann Arguedas Hugo Dorado Aranibar
Jorge Casso Echart Hugo Argote Argote
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