Resolution 135/97

RESOLUTION OF THE BOARD OF DIRECTORS NO. 135/97

SUBJECT: INTERNATIONAL AFFAIRS - PROCEDURE FOR THE REGULARIZATION OF PENDING AND OVERDUE FOREIGN EXCHANGE DELIVERY AND DISCHARGE OPERATIONS AS OF JULY 31, 1997.

HAVING SEEN:

Law 1670 of the Central Bank of Bolivia of October 31, 1995.

Supreme Decree No. 24756 of July 31, 1997.

Report ALEG No. 107/97 from the Legal Affairs Unit.

Report No. 108/97 from the Economic Policy Advisory.

CONSIDERING:

That pursuant to Article 19 of Law 1670, the Central Bank of Bolivia is authorized to regulate the exchange regime and execute exchange policy.

That Supreme Decree No. 24756 of July 31, 1997, eliminates the regime of mandatory sale to the State of 100% of foreign exchange derived from the export of goods and services.

That it corresponds to the Central Bank of Bolivia to issue the regulatory norms and procedures it deems necessary for pending foreign exchange delivery and discharge operations and those overdue as of July 31, 1997.

Therefore,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

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Article 1.- Approve the following procedure for the regularization of pending foreign exchange delivery and discharge operations and those overdue as of July 31, 1997:

a) A deadline is granted until January 31, 1998, which is non-extendable, for the delivery and discharge of pending foreign exchange and that which was overdue as of July 31, 1997, exempt from any fine or surcharge.

b) Alternatively, the exporter is granted the option to regularize the balance of pending foreign exchange deliveries, within the peremptory deadline established in subsection a), by paying the Central Bank of Bolivia one centavo of boliviano for each pending dollar. This payment will substitute the physical delivery of foreign exchange, but will not exempt the exporter from the remainder 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 established in Article 1, the Central Bank of Bolivia will prepare lists of exporters reluctant to deliver and discharge foreign exchange and will send them to the General Directorate of Internal Taxes and the National Secretariat of Industry and Commerce.

Article 3.- The Central Bank of Bolivia will issue to exporters who have fulfilled their obligations a certificate accrediting that they have no pending balances for delivery and discharge of foreign exchange as of July 31, 1997.

Article 4.- Resolution of the Board of Directors No. 101/97 dated April 22, 1997, is hereby repealed.

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Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

5.VIII.97

____________________ Juan Antonio Morales A.

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Armando Pinell S. Jaime Ponce G. Juan Medinacelli V.

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Fernando Campero P. Edgar Millares A.