Regulatory Alerts2008-12-16 | Resolución 149/2008Added · Updated
Resolution 149/2008
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 23,040,000 newly minted 1 Boliviano coins, valued at 23,040,000 Bolivianos. Director Ernesto Yáñez is designated to represent the Board at the monetization ceremony, while the Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 149/2008
SUBJECT: MONETARY OPERATIONS MANAGEMENT – AUTHORIZES MONETIZATION OF Bs1 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 Regulation 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 Monetary Operations Management STES No. 165/2008 of December 10, 2008.
The Report from the Legal Affairs Management SANO No. 362/2008 of December 12, 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 newly minted Bs1 coins from the Chilean Mint.
That it is the responsibility of the Board according to Article 54, paragraph 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 Regulation for the Issuance, Exchange, and Destruction of Monetary Material establishes that it is the faculty of the BCB Board to authorize the monetization of banknotes and coins.
That Report STES No. 165/2008 considers the monetization of newly minted Bs1 coins necessary and recommends that the BCB Board 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. 362/2008, there is no legal impediment for the BCB Board, in attention to its faculties and competencies, to approve the monetization of newly minted Bs1 coins.
THEREFORE
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of newly minted Bs1 coins, according to the following detail:
DENOMINATION | NUMBER OF PIECES | VALUE IN Bs. 1 | 23,040,000 | 23,040,000 TOTAL | 23,040,000 | 23,040,000
Article 2.- Designate Director Ernesto Yáñez to represent the Board in the act of monetization of the cited material.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, December 16, 2008
Gabriel Loza Tellería
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar
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