Regulatory Alerts2003-10-15 | Resolución 114/2003Added · Updated
Resolution 114/2003
The Board of Directors of the Central Bank of Bolivia approves a credit of Bs300,000,000 to the Ministry of Finance to address temporary liquidity needs. The loan carries an interest rate of 7.25%, a term of 90 days, and is secured by Treasury Bills 'C', with repayment via automatic debit from the Treasury's current accounts. The President of the Central Bank is authorized to sign the contract, and any reprogramming of this financing must remain compatible with the quarterly limits agreed upon in the 2003 Stand-By Arrangement with the IMF.
RESOLUTION OF THE BOARD OF DIRECTORS NO. 114/2003
SUBJECT: MONETARY OPERATIONS MANAGEMENT – GRANTING OF CREDIT TO THE GENERAL TREASURY OF THE NATION TO ADDRESS TEMPORARY LIQUIDITY NEEDS FOR Bs300,000,000.
VIEWING: Law 1670 of October 31, 1995. Board Resolution No. 160/97 of October 21, 1997, which approves the Regulations on Credits to the Public Sector. Board Resolution No. 121/2001 of November 29, 2001, which modifies Article 10 of Board Resolution No. 160/97 regarding the Financial Conditions of Credits to the Public Sector. The note from the Ministry of Finance, D.G.C.P. 05-016 D.D.I. OF. No. 2156/03 of October 14, 2003. The Report from the Monetary Operations Management, SOSP 020/2003 of October 15, 2003. The Report from the Economic Policy Advisory, APEC-SMyF-035/2003 of October 15, 2003. The Report from the Legal Affairs Management, SANO No. 195/2003 of October 15, 2003.
CONSIDERING: That the Ministry of Finance, through note DGCP 05-016 DDI OF. No. 2156/03, has requested a credit of Bs300,000,000 to address temporary liquidity needs.
That the Monetary Operations Management, in accordance with Article 5 of the Regulations on Credits to the Public Sector, has issued Report SOSP 020/2003, which recommends considering the credit conditions once the Ministry of Finance complies with the requirements established for the granting of said loan.
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That the Economic Policy Advisory, in its Report APEC-SMyF-035/2003, states that this credit falls within the Monetary Program.
That the Legal Affairs Management, in Report SANO No. 195/2003, states that the authorized amounts must be within the limits of the monetary program, that the credit be documented with securities, that the term not exceed one year, and that the Ministry of Finance comply with the requirements established by Law 1670.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Approve the granting of credit to the Ministry of Finance for the attention of temporary liquidity needs, under the following conditions:
Amount: Bs300,000,000. Interest Rate: 7.25% Term: 90 days. Disbursement Date: October 16, 2003. Maturity Date: January 14, 2004. Guarantee Instrument: Treasury Bills “C”. Form of Disbursement: Into accounts of the General Treasury of the Nation, according to written request. Form of Payment: Interest and principal, via automatic debit in the current fiscal accounts that the General Treasury of the Nation holds at the Central Bank of Bolivia.
Article 2.- Authorize the President of the Central Bank of Bolivia to sign the respective contract with the Ministry of Finance.
Article 3.- The General Treasury of the Nation may effect total or partial early cancellation of the Credit considering the accrued interest on the total Credit up to the date of early cancellation.
Article 4.- Any reprogramming of BCB financing to the
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General Treasury of the Nation must be compatible with the quarterly limits agreed for the net credit of the BCB to the Non-Financial Public Sector in the Stand-By Agreement with the IMF, corresponding to the 2003 management period.
Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, October 15, 2003.
Juan Antonio Morales A.
Enrique Ackermann A. José Luis Evia V.
Fernando Paz B. Jaime Apt B.
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