Resolution 150/2008

BOARD RESOLUTION NO. 150/2008
SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVES AMENDMENT TO THE REGULATIONS FOR OPERATIONS OF SPECIAL ACCOUNTS AND OTHER ACCOUNTS IN US DOLLARS OF THE PUBLIC SECTOR.

HAVING SEEN:
Law No. 1670 of the Central Bank of Bolivia of October 31, 1995.
Board Resolution No. 060/2001 of June 19, 2001.
The Report from the Monetary Operations Management GOM-SOSP-DCE No. 010/2008 of December 4, 2008.
The Report from the Legal Affairs Management SANO No. 360/2008 of December 11, 2008.

CONSIDERING:
That Law No. 1670 defines the functions of the Central Bank of Bolivia as Financial Agent of the Government.
That Article 28 of Law 1670 establishes the relationship with the General Treasury of the Nation (TGN) and Article 29 subsection a) establishes the provision of services related to the contracting of external credits. That Board Resolution No. 060/2001 approves the Regulations for Operations of Special Accounts and Other Accounts in US Dollars of the Public Sector. That it is necessary to modify the BCB Board Resolution No. 060/2001 which approves the Regulations for Operations of Special Accounts and Other Accounts in US Dollars of the Public Sector in order to optimize the account closure process, comply with audit observations, and address the request of the Ministry of Finance. That the Report from the Monetary Operations Management GOM-SOSP-DCE 010/2008 explains the need to approve the amendment to the Regulations for Operations of Special Accounts and Other Accounts in US Dollars of the Public Sector. That the Report from the Legal Affairs Management SANO No. 360/2008 establishes that in accordance with the attribution conferred by Article 54 subsection o) of Law 1670, the Board is authorized to modify the Regulations for Operations of Special Accounts and Other Accounts in US Dollars of the Public Sector.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1. - Amend Article 21 of Board Resolution No. 060/2001 in the following terms:

Article 21.- (Closure of Accounts due to lack of activity)
SAYS:
If the balance of the Special Accounts and Other accounts in US Dollars remains at zero and/or remains without activity for more than one year, the BCB will proceed with their automatic closure, informing the Ministry of Finance thereof.

SHOULD SAY:
“If the balance of the Special Accounts and Other accounts in US Dollars remains at zero and/or remains without activity for more than one year, the BCB will proceed with their automatic closure, after consultation with the Ministry of Finance.”

Article 2. The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, December 16, 2008

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Gabriel Loza Tellería

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Gustavo Blacutt Alcalá Hugo Dorado Araníbar

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Rolando Marín Ibáñez Ernesto Yáñez Aguilar