Resolution 091/2009 Authorizing Monetization of Boliviano Banknotes

BOARD RESOLUTION NO. 091/2009
SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF BANKNOTES OF Bs100, Bs50, Bs20 and Bs10.

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 the Issuance, Exchange and Destruction of Monetary Material, approved by Board Resolution No. 047/2009 of April 14, 2009.

The Boliviano Banknote Printing Contract for the "H" series: 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. 076/2009 of July 22, 2009.

The Report from the Legal Affairs Management SANO No. 222/2009 of July 24, 2009.

CONSIDERING:

That Article 1 of Law No. 901 creates the Boliviano as the unit of the State's monetary system, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting 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 Bolivia's monetary unit, in the form of banknotes and metallic coins.

That in accordance with the Contract for the printing of Boliviano banknotes of the "H" series, the Central Bank of Bolivia has received from the manufacturing company the total amount of printed monetary material.

That it is the attribution of the Board of Directors 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 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, the authorization of monetization of banknotes and coins.

That Report STES No. 076/2009 considers the monetization of Boliviano banknotes of the denominations Bs100, Bs50, Bs20 and Bs10 necessary and recommends that the Board of Directors of the BCB consider the monetization of the monetary material delivered in vault by the supplier company.

That in the opinion of the Legal Affairs Management according to Report SANO No. 222/2009 there is no legal impediment for the Board of Directors of the BCB, in attention to its faculties and competencies, to approve the monetization of Boliviano banknotes of the denominations Bs100, Bs50, Bs20 and Bs10.

THEREFORE

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize the monetization of Boliviano banknotes of the denominations Bs100, Bs50, Bs20 and Bs10 according to the following detail:

DENOMINATION NUMBER OF PIECES VALUE IN Bs.
Bs100 79,000,000.- 7,900,000,000.-
Bs50 38,000,000.- 1,900,000,000.-
Bs20 49,000,000.- 980,000,000.-
Bs10 49,000,000.- 490,000,000.-
TOTAL 215,000,000 11,270,000,000.-

Article 2.- Designate Director Rolando Marín to participate on behalf of 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, August 4, 2009

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Hugo Dorado Araníbar

_____________________ _____________________ _______________________ Gustavo Blacutt Alcalá Rolando Marín Ibáñez Ernesto Yáñez Aguilar