Regulatory Alerts2008-08-19 | Resolución 107/2008Added · Updated
Resolution 107/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 21,000,000 banknotes of the "H" series in the Bs200 denomination, totaling Bs4,200,000,000. Hugo Dorado is designated to represent the Board at the monetization ceremony, and the Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 107/2008 SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF "H" SERIES BANKNOTES OF THE Bs200.- CUT
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 Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Banknote Supply 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. 111/2008 of August 11, 2008. The Report from the Legal Affairs Management SANO No. 221/2008 of August 15, 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 non-delegably 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 the attribution of the Board according to Article 54 paragraph 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 the BCB to authorize the monetization of banknotes. That Report STES No. 111/2008 considers the monetization of the "H" series banknotes of the Bs200.- cut necessary and recommends to the Board 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. 221/2008, there is no legal impediment for the Board of the BCB, in attention to its faculties and competencies, to approve the monetization of banknotes in the Bs200.- cut.
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 Bs200.- cut, according to the following detail:
CUT NUMBER OF PIECES VALUE IN Bs. 200 21,000,000 4,200,000,000 TOTAL 21,000,000 4,200,000,000
Article 2.- Designate Director Hugo Dorado, to represent the Board in the act of monetization of the cited material.
Article 3.- The Presidency and General Management are in charge of the execution and compliance of this Resolution.
La Paz, August 19, 2008
Osvaldo Nina Baltazar
Hugo Dorado Araníbar
Rolando Marín Ibáñez
Ernesto Yáñez Aguilar
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