Resolution 145/2011

BOARD RESOLUTION NO. 145/2011
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFICATION OF THE REGULATION FOR OPERATIONS OF ACCOUNTS IN BOLIVIANOS WITH VALUE MAINTENANCE RESPECT TO THE HOUSING DEVELOPMENT UNIT (UFV).

HAVING SEEN:
Law No. 1670 of October 31, 1995.
The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005.
Board Resolution No. 017/2003 of February 6, 2003, which approves the Regulation for Operations of Accounts in Bolivianos with Value Maintenance Respect to the Housing Development Unit (UFV). The Report from the International Operations Management BCB-GOI-INF-2011-4 of November 3, 2011. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2011-405 of November 4, 2011.

CONSIDERING:
That pursuant to Article 54 subsection o) of Law No. 1670 and Article 11 numeral 29) of the BCB Statute, the Board is authorized to approve, interpret, and modify the Statute and Regulations of the Institution by two-thirds of the votes of all its members, without the need for any additional administrative act.

That Article 3 of the Regulation for Operations of Accounts in Bolivianos with Value Maintenance Respect to the UFV establishes that all inflation indexation costs corresponding to Bolivian accounts, other than those mentioned in Article 1 of R.D. 017/2003, shall be assumed by the TGN, with the exception of costs originating from the "Alivio HIPC II", "Alivio más allá del HIPC II", "Diálogo 2000", "Municipal Solidarity Fund for School Education and Public Health", and "National Solidarity Fund" accounts.

That the Report BCB-GOI-INF-2011-4 mentions that currently the "Alivio más allá del HIPC II" account is generating significant negative exchange rate variations that affect the Balance Sheet of the BCB and its Equity.

//2. R.D. N° 145/2011

That the Report BCB-GAL-SANO-INF-2011-405 from the Legal Affairs Management states that there is no legal impediment for the Board to authorize the modification of the aforementioned Regulation.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify Article 3 of the Regulation for Operations of Accounts in Bolivianos with Value Maintenance Respect to the Housing Development Unit (UFV) approved by Board Resolution No. 017/2003 as follows:

SAYS:-
Article 3.- (Indexation)
All inflation indexation costs corresponding to Bolivian accounts with value maintenance respect to the UFV that the Government authorizes at the BCB, other than those mentioned in Article 1 of this Board Resolution, shall be assumed by the TGN, with the exception of costs originating from the "Alivio HIPC II", "Alivio más allá del HIPC II", "Diálogo 2000", "Municipal Solidarity Fund for School Education and Public Health", and "National Solidarity Fund" accounts.

SHOULD SAY:-
"Article 3.- (Indexation)
All inflation indexation costs corresponding to Bolivian accounts with value maintenance respect to the UFV that the Government authorizes at the BCB, other than those mentioned in Article 1 of this Board Resolution, shall be assumed by the TGN, with the exception of costs originating from the "Alivio HIPC II", "Diálogo 2000", "Municipal Solidarity Fund for School Education and Public Health", and "National Solidarity Fund" accounts. The "Alivio más allá del HIPC II" account shall remain open in Bolivianos and shall not have value maintenance respect to the UFV."

Article 2.- The modification of Article 1 of this Resolution shall enter into force as of November 15, 2011.

//3. R.D. N° 145/2011

Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, November 8, 2011

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Marcelo Zabalaga Estrada

_______________________ _______________________ Hugo Dorado Araníbar Rolando Marín Ibáñez

_______________________ _______________________ Gustavo Blacutt Alcalá Rafael Boyán Téllez