Regulatory Alerts2008-07-29 | Resolución 103/2008Added · Updated
Resolution 103/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 20,000,000 banknotes of the "H" series in the Bs100 denomination, totaling Bs2,000,000,000. Ernesto Yáñez is designated to represent the Board during the monetization act, and the Presidency and General Management are tasked with executing the resolution.
BOARD RESOLUTION NO. 103/2008 SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF "H" SERIES BANKNOTES OF THE Bs100.- DENOMINATION
HAVING REVIEWED: The Law No. 901 of November 28, 1986, which creates the "Boliviano" as the legal and mandatory unit of currency. The Law No. 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia of October 21, 2005. The Regulation on Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Banknote Provision Contract 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. 106/2008 of July 23, 2008. The Report from the Legal Affairs Management SANO No. 206/2008 of July 25, 2008.
CONSIDERING: That Article 1 of Law No. 901 creates the Boliviano as the unit of the monetary system of the Republic, through banknotes and coins that the Central Bank of Bolivia will issue and circulate as legal tender, starting from 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 the monetary unit of Bolivia, in the form of banknotes and metallic coins.
That in accordance with contract SANO No. 113/2007, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire all shipments of "H" series banknotes established in the aforementioned contract.
That it is an 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.
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 to authorize the monetization of banknotes.
That Report STES No. 106/2008 considers the monetization of the banknotes of the "H" series of the Bs100.- denomination necessary and recommends to the Board of Directors of the BCB the monetization of the monetary material delivered in vaults by the supplying company.
That in the opinion of the Legal Affairs Management according to Report SANO No. 206/2008, 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 banknotes in the Bs100.- denomination.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of banknotes of the "H" series of the Bs100.- denomination, according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE IN Bs. 100 20,000,000 2,000,000,000.- TOTAL 20,000,000 2,000,000,000.-
Article 2.- Designate Director Ernesto Yáñez to participate on behalf of the Board in the act of monetization of the cited material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, July 29, 2008
Osvaldo Nina Baltazar
Gustavo Blacutt Alcalá Ernesto Yáñez Aguilar Rolando Marín Ibañez
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