Regulatory Alerts2004-09-10 | Resolución 140/2004Added · Updated
Resolution 140/2004
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 45,300,000 new metallic coins with a total face value of 145,750,000 Bolivianos. This authorization specifically covers 20,150,000 coins of 1 Boliviano and 25,150,000 coins of 5 Bolivianos, received from the Royal Canadian Mint. Enrique Ackermann 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. 140/2004 SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF Bs5 AND Bs1 COINS
HAVING REVIEWED: Law No. 901 of November 28, 1986, which creates the "Boliviano" as the legal and mandatory circulating monetary unit. Law No. 1670 of October 31, 1995. The Statute of the Central Bank of Bolivia of December 13, 2001. The Regulation on the Issuance, Exchange, and Destruction of Monetary Material, approved by Board Resolution No. 108/2001 of October 30, 2001. The Reports from the Monetary Operations Management STES No. 022/2004 of July 6, 2004, STES No. 026/2004 of September 6, 2004, and STES No. 027/2004 of September 13, 2004. The Report from the Legal Affairs Management SANO No. 233/2004, of September 17, 2004.
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 1670, the Central Bank of Bolivia exercises exclusively and non-delegably the function of issuing Bolivia's monetary unit, in the form of banknotes and metallic coins.
That it is an attribution of the Board according to Article 54, paragraph m) of Law No. 1670, to authorize and supervise the printing, issuance, and destruction of banknotes and the minting of coins.
That the BCB Statute provides that the Monetary Operations Management is responsible for establishing the requirements for the acquisition, distribution, and destruction of monetary material, as well as its administration.
That according to Article 9 of the Regulation for the Issuance, Exchange, and Destruction of Monetary Material, the BCB Board has the authority to authorize, through express resolution, the monetization of monetary material based on the receipt reports thereof and in accordance with the issuance requirements determined by the Monetary Operations Management.
That according to the reports from the Monetary Operations Management STES No. 022/2004, STES No. 026/2004, and STES No. 027/2004, the BCB has received from the Royal Canadian Mint, according to contract SANO No. 044/2002 of February 27, 2004, the entirety of the minted coins and recommends the placement into circulation of these new issuances.
That according to Report SANO No. 233/2004, the draft Resolution does not contravene the current legal framework in the Republic. Being an attribution of the Issuer Entity's Board, to consider the authorization for the monetization of metallic coins of the Bs1.- and Bs5.- cuts.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of metallic coins according to the following detail:
CUT NUMBER OF PIECES VALUE IN Bs 1 20,150,000 20,150,000.- 5 25,150,000 125,750,000.- TOTAL 45,300,000 145,750,000.-
Article 2.- Designate Director Enrique Ackermann to represent the Board in the monetization act of the cited material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, September 21, 2004
Juan Antonio Morales A.
Enrique Ackermann A. José Luis Evia V.
Fernando Paz B. Jaime Apt B.
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