Resolution 101/97

BOARD RESOLUTION NO. 101/97
SUBJECT: GENERAL MANAGEMENT - PROCEDURE FOR THE REGULARIZATION OF DELIVERY AND CLEARANCE OPERATIONS OF EXPIRED FOREIGN EXCHANGE AND SUSPENSION OF THE 2 PER MILLE RETENTION SERVICE IN FAVOR OF THE NATIONAL CHAMBER OF EXPORTERS

HAVING SEEN:
Law 1670 of the Central Bank of Bolivia of October 31, 1995.
Supreme Decree 24485 of January 29, 1997.
Report No. U-A.J. 047/97 from the Legal Affairs Unit dated April 16, 1997.
Report No. I 020/97 from the International Affairs Management dated April 17, 1997.

CONSIDERING:
That pursuant to Articles 19 and 20 of Law 1670, the Central Bank of Bolivia is authorized to regulate the exchange regime and financial operations with foreign entities, carried out by public or private persons or entities.

That it corresponds to the Central Bank of Bolivia to issue the regulatory norms and procedures it deems necessary for the delivery and clearance of foreign exchange referred to in S.D. 24485.

That the term granted to exporters for the regularization of the delivery and clearance of expired foreign exchange proved very limited, and it is equitable to grant them an additional term.

Therefore,

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

//2. B.D. No. 101/97
Article 1.- Approve, in exercise of its regulatory authority over the exchange regime, the following procedure for the regularization of delivery and clearance operations of expired foreign exchange:
a) A deadline of June 30, 1997, is granted, which is non-extendable, for the delivery and clearance of foreign exchange that had expired as of October 31, 1996, exempt from any fine or surcharge. b) Alternatively, the exporter is granted the option to regularize the balance of foreign exchange pending delivery, within the peremptory deadline set forth in subsection a), by paying the Central Bank of Bolivia one centavo of Boliviano for each dollar pending delivery. This payment will substitute the physical delivery of foreign exchange, but it will not exempt the exporter from the rest of the obligations that must be fulfilled at the time of making the mandatory delivery of foreign exchange.

Article 2.- Upon expiration of the term set in Article 1, subsection a), the Central Bank of Bolivia will prepare lists of exporters reluctant to deliver and clear foreign exchange and will send them monthly to the General Directorate of Internal Taxes and to the National Secretariat of Industry and Commerce.

Article 3.- The Central Bank of Bolivia will issue, in favor of exporters who have fulfilled their obligations, the certification accrediting that they have no pending balances for delivery and clearance of foreign exchange as of October 31, 1996.

Article 4.- Suspend the 2 per mille (2 0/00) retention service that the Central Bank has been carrying out in favor of the National Chamber of Exporters, starting from export policies issued after May 31, 1997.

//3. B.D. No. 101/97
Article 5.- The Presidency and the General Management are charged with executing this Resolution.

22.IV.97

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Juan Antonio Morales A.

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Armando Pinell S. Jaime Ponce G.

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Juan Medinacelli V. Edgar Millares A.