Regulatory Alerts2008-10-17 | Resolución 114/2008Added · Updated
Resolution 114/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 10,000,000 newly minted 0.50 Boliviano coins, totaling a face value of 5,000,000 Bolivianos. Director Rolando Marín is designated to represent the Board during the monetization ceremony, while the Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 114/2008
SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF 0.50 Bs COINS
HAVING REVIEWED:
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 Regulations on the Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001.
The Coin Minting Contract SANO No. 215/2007 of December 19, 2007, and its Amending Addendum SANO No. 087/2008 of May 9, 2008, signed between the BCB and the Chilean Mint.
The Report from the Operations Management STES No. 125/2008 of September 22, 2008.
The Report from the Legal Affairs Management SANO No. 259/2008 of September 24, 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 the Coin Minting Contract and its Amending Addendum, the Central Bank of Bolivia has received from the Chilean Mint newly minted coins of the 0.50 Bs denomination.
That it is the responsibility 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 and coins.
That Article 9 of the Regulations for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the BCB Board of Directors to authorize the monetization of banknotes and coins.
That Report STES No. 125/2008 considers the monetization of newly minted 0.50 Bs coins necessary and recommends that the BCB Board of Directors consider the monetization of the monetary material delivered to the vault by the supplier, the Chilean Mint.
That in the opinion of the Legal Affairs Management, according to Report SANO No. 259/2008, there is no legal impediment for the BCB Board of Directors, in view of its powers and competencies, to approve the monetization of newly minted 0.50 Bs coins.
THEREFORE
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of newly minted 0.50 Bs coins according to the following details:
DENOMINATION | NUMBER OF PIECES | VALUE IN Bs. 0.50 | 10,000,000 | 5,000,000 TOTAL | 10,000,000 | 5,000,000
Article 2.- Designate Director Rolando Marín to represent the Board of Directors in the act of monetization of the aforementioned material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, October 3, 2008
Raúl Garrón Claure
Gustavo Blacutt Alcalá
Hugo Dorado Araníbar
Rolando Marín Ibáñez
Ernesto Yáñez Aguilar
Osvaldo Nina Baltazar
More like this from BCB
BCB published 7 documents in the last 30 days. We email you each new one the day it's published.