Regulatory Alerts2000-11-21 | Resolución 084/2000Added · Updated
Resolution 084/2000
The Board of Directors of the Central Bank of Bolivia authorizes the President to sign an Adhesion Contract with financial entities authorized to conduct Open Market Operations or perform cross-border resource transfers, enabling the use of electronic messaging via the SWIFT system. This electronic messaging framework becomes effective on December 1, 2000, contingent upon the signing of the contract, while existing procedures remain valid until that date. The Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 084/2000 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT AND MONETARY OPERATIONS MANAGEMENT – ELECTRONIC MESSAGING.
HAVING VIEWED: Law 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia, approved by Board Resolution No. 082/97 of February 20, 1997. The Open Market Operations Regulations approved by Board Resolution No. 074/98 of August 11, 1998. The Technical Report from the International and Monetary Operations Management Departments GOM-SOMA No. 010/2000 of November 9, 2000. The Report from the Legal Affairs Management SAJU 889/2000 of November 9, 2000.
CONSIDERING: That the sending of electronic instructions allows for the reduction of administrative costs of operations carried out through this medium without affecting the level of security and/or confidentiality of the operations.
That the Central Bank of Bolivia and the general banking system have the SWIFT system, which allows for secure, immediate exchange of electronic messages with only marginal or null cost increases.
That Report GOM-SOMA 010/2000 evaluates technical, operational, and cost aspects of electronic messaging, recommending its implementation.
That Legal Report SAJU 889/2000 considers that there is no legal impediment to the implementation of electronic messaging, prior to the signing of an Adhesion Contract between the parties.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the President of the Central Bank of Bolivia to sign the Adhesion Contract with financial entities authorized to conduct Open Market Operations with the BCB and/or those that carry out transfers of resources from and to the Republic.
Article 2.- Electronic Messaging will enter into effect starting December 1, 2000, prior to the signing of the Adhesion Contract. Entities may carry out their operations using the currently valid procedures until the signing of the aforementioned Contract.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, November 21, 2000
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G.
Juan Medinaceli V. Armando Méndez M.
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