Regulatory Alerts2009-06-23 | Resolución 073/2009Added · Updated
Resolution 073/2009
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 6,190,000 newly minted 2 Bolivianos coins, resulting in a total face value of 12,380,000 Bolivianos. The resolution designates Director Gustavo Blacutt to represent the Board at the monetization ceremony and charges the Presidency and General Management with executing and ensuring compliance with this decision.
BOARD RESOLUTION NO. 073/2009
SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF Bs2.- CUT COINS
HAVING REVIEWED:
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. 047/2009 of April 14, 2009.
The Coin Minting Contract SANO No. 215/2007 of December 19, 2007, and its modifying Addenda SANO No. 087/2008 and SANO No. 216/2008 of May 9 and November 19, 2008, signed between the BCB and the Chilean Mint.
The Report from the Monetary Operations Management STES No. 063/2009 of June 16, 2009.
The Report from the Legal Affairs Management SANO No. 167/2009 of June 18, 2009.
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, 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 the Coin Minting Contract and its modifying Addendum, the Central Bank of Bolivia has received from the Chilean Mint the total amount of metallic monetary material.
That it is the attribution of the Board of Directors according to Article 54, paragraph m) of Law No. 1670 and numeral 11 of Article 11 of the Statute, to authorize and supervise the issuance of banknotes and coins.
That Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the Board of Directors of the BCB to authorize the monetization of banknotes and coins.
//2. (B.D. No. 073/2009)
That the Report STES No. 063/2009 considers the monetization of Bs2.- cut coins necessary and recommends that the Board of Directors of the BCB consider the monetization of the monetary material delivered in vault by the provider Chilean Mint.
That in the opinion of the Legal Affairs Management according to Report SANO No. 167/2009, there is no legal impediment for the Board of Directors of the BCB, in attention to its faculties and competencies, to approve by simple majority of votes, the monetization of newly minted Bs2.- cut coins.
THEREFORE
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of newly minted Bs2.- cut coins according to the following detail:
CUT Bs NUMBER OF PIECES VALUE IN Bs. 2 6,190,000 12,380,000 TOTAL 6,190,000 12,380,000
Article 2.- Designate Director Gustavo Blacutt to represent the Board of Directors in the act of monetization of the cited material.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, June 23, 2009
Gabriel Loza Tellería
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar Rafael Boyán Téllez
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