Regulatory Alerts1999-11-11 | Resolución 098/99Added · Updated
Resolution 098/99
The Board of Directors of the Central Bank of Bolivia grants Nacional Financiera Boliviana S.A.M. (NAFIBO) a definitive compliance schedule for the Exchange Position Regulation. NAFIBO must reduce its over-purchase position in foreign and national currency with value maintenance by 25% by December 31, 1999, 50% by June 30, 2000, and 75% by December 31, 2000, achieving full compliance by June 30, 2001.
BOARD RESOLUTION NO. 098/99 SUBJECT: ECONOMIC POLICY ADVISORY – APPROVES DEFINITIVE SCHEDULE FOR NAFIBO'S ADAPTATION TO THE EXCHANGE POSITION REGULATION
VIEWED: The Law No. 1670 of October 31, 1995. The Law No. 1488 of April 14, 1993. The Law No. 1864 of June 11, 1998. The Supreme Decree 25338 of March 29, 1999. The Board Resolutions of the BCB No. 109/97 of May 8, 1997, No. 064/98 of July 7, 1998, No. 050/99 of June 22, 1999 and 064/99 of August 31, 1999. The notes NFB 2463/99 and NFB-GG 3247/99 from Nacional Financiera Boliviana S.A.M. (NAFIBO) dated August 9 and November 4, 1999, respectively. The Report APEC/ARINV No. 02/99 from the Economic Policy Advisory of November 18, 1999. The Report ALEG No. 213/99 from the Legal Affairs Management of November 17, 1999.
CONSIDERING: That through note NFB 2463/99, Nacional Financiera Boliviana S.A.M. (NAFIBO) challenged Board Resolution No. 050/99 which established a schedule for its adaptation to the Exchange Position Regulation of May 8 of 1997.
//2. B.D. No. 098/99 That in response to the challenge filed by NAFIBO, the BCB Board, through Resolution No. 064/99 of August 31, 1999, revoked its previous decision, leaving said entity in a situation of non-compliance with the Exchange Position Regulation. That in this situation, NAFIBO has requested through note NFB/GG 3247/99 the approval of a new schedule to definitively adapt to the Exchange Position Regulation. That the Economic Policy Advisory recommends approving a definitive schedule for NAFIBO's adaptation to the Exchange Position Regulation, in order to allow it to enter the national currency placement market.
That in the opinion of the Legal Affairs Management, the BCB Board is authorized to consider NAFIBO's request.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES: Article 1.- Grant NAFIBO a definitive adaptation period to the Exchange Position Regulation, according to the following schedule: • By December 31, 1999, it must have reduced by at least 25% the balance existing as of November 30, 1999 of its over-purchase position in foreign currency and national currency with value maintenance. • By June 30, 2000, it must have reduced by at least 50% the balance of its over-purchase position mentioned above. • By December 31, 2000, it must have reduced by at least 75% the balance of its initially mentioned over-purchase position. • By June 30, 2001, it must fully comply with the Exchange Position Regulation.
//3. B.D. No. 098/99 Article 2.- The Presidency and General Management are tasked with executing this Resolution. La Paz, November 23, 1999
Juan Antonio Morales A.
Armando Pinell S. Jaime Ponce G. Juan Medinaceli
Fernando Campero P. Armando Méndez M.
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