Resolution 101/2010

BOARD RESOLUTION NO. 101/2010
SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVES CONDITIONS FOR THE SALE OF GOLD COINS.

HAVING REVIEWED:
Law No. 1670 of October 31, 1995.
The Statute of the Central Bank of Bolivia of October 21, 2005.
Board Resolutions No. 144/2003 of December 16, 2003, No. 101/2006 of November 14, 2006, and No. 020/2010 of February 2, 2010.
The Report from the Monetary Operations Management BCB-GOM-STES-INF-2010-129 of August 26, 2010.

CONSIDERING:
That Law No. 1670 in its Article 54, subsections a) and m), provides that the Board of Directors of the Central Bank of Bolivia (BCB) is authorized to issue norms and adopt general decisions necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by said Law; and to authorize and supervise the printing, issuance, and destruction of banknotes and the minting and withdrawal of coins within the norms of that Law.

That in accordance with the previous provision, Article 111, numeral 11) of the BCB Statute establishes as attributions of the BCB Board of Directors, those of approving the printing, issuance, and destruction of Boliviano banknotes and coins, as well as those issued for commemorative and numismatic purposes, as well as denominations, dimensions, designs, and colors according to Regulations when applicable.

That Article 2 of Board Resolution No. 144/2003 authorizes the daily setting of sale prices for gold commemorative coins and medals, according to the following formula: Price in Bs = Weight of the coin x gold quotation x purchase exchange rate x 1.30.

That Board Resolution No. 101/2006 in its Article 1 maintains the conditions for the sale of gold commemorative coins and medals, established in Board Resolution No. 144/2003 of December 16, 2003.

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That with the purpose of increasing sales volume, it is necessary to establish a new formula eliminating the BCB's profit margin from gold commemorative coins.

That the Board has the authority to establish the technical specifications and forms of commercialization of coins issued for commemorative or numismatic purposes.

That the Monetary Operations Management in its Report BCB-GOM-STES-INF-2010-129, establishes that the calculation of the price of gold commemorative coins would be carried out based on the quotation of fine troy ounce gold and the purchase exchange rate, considering the Board's suggestion.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Modify Article 2 of Board Resolution No. 144/2003 of December 16, 2003, according to the following text:

SAYS:
Article 2.- Authorize the daily setting of sale prices for gold commemorative coins and medals, according to the following formula:
I. Price in Bs = Weight of the coin x gold quotation x purchase exchange rate x 1.30.

"SHOULD SAY:
Article 2.- Authorize the daily setting of sale prices for gold commemorative coins and medals, according to the following formula:
I. Price in Bs = Weight of the coin x gold quotation x purchase exchange rate x 1.05"

Article 2.- Repeal Article 1 of Board Resolution No. 101/2006 of November 14, 2006, and other provisions contrary to this Resolution.

Article 3.- This provision shall enter into effect starting September 1, 2010.

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Article 4.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, August 31, 2010

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Gabriel Loza Tellería

______________________ _______________________ Hugo Dorado Araníbar Rolando Marín Ibáñez

_______________________ _______________________ Ernesto Yáñez Aguilar Rafael Boyán Téllez