Regulatory Alerts2012-08-22 | Resolución 153/2012Added · Updated
Resolution 153/2012
The Central Bank of Bolivia amends Articles 1, 21, and 22 of the Foreign Exchange Operations Regulation to explicitly include exchange houses alongside financial entities supervised by the ASFI. This modification subjects exchange houses to the same maximum selling and minimum buying exchange rate margins of one cent of Boliviano relative to the official BCB rates. The changes take effect immediately upon publication.
RESOLUTION OF THE BOARD OF DIRECTORS NO. 153/2012 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFIES THE FOREIGN EXCHANGE OPERATIONS REGULATION.
HAVING SEEN: Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB). The Compilation of Regulations for Banks and Financial Entities of the Financial System Supervision Authority (ASFI) regarding the obligations of exchange houses. The Foreign Exchange Operations Regulation approved by Board Resolution No. 031/2009 of March 31, 2009. The Report from the International Operations Management BCB-GOI-INF-2012-12 of August 22, 2012. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-264 of August 22, 2012.
CONSIDERING: That Law 1670 of October 31, 1995 provides that the BCB will regulate the conversion of the Boliviano in relation to currencies of other countries and the procedures for determining the exchange rates of the national currency. It also establishes that all entities of the financial intermediation and financial services system, whose operation is authorized by the ASFI, are subject to the regulatory competence of the Issuing Entity.
That the Compilation of Regulations for Banks and Financial Entities of the ASFI in Section 3, Article 12 establishes as an obligation of exchange houses to comply with the current regulations and instructions issued by the ASFI and the Central Bank of Bolivia within their respective competencies.
That the Foreign Exchange Operations Regulation aims to regulate the procedures for determining the exchange rate of the Boliviano and for the purchase and sale of United States dollars (USD) by the BCB and financial entities with their clients and users. Articles 21 and 22 establish the purchase and sale differentials of United States dollars that supervised entities must comply with, making it necessary to explicitly include exchange houses.
That the Report from the International Operations Management BCB-GOI-INF-2012-12 recommends incorporating exchange houses into the Foreign Exchange Operations Regulation.
That according to the Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-264, this Board Resolution does not contravene the current legal framework.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA, RESOLVES:
Article 1.- Modify Articles 1, 21, and 22 of the Foreign Exchange Operations Regulation as follows:
SAYS: OBJECT Article 1.- (Object and Scope) This Regulation aims to regulate the procedures for determining the exchange rate of the Boliviano and for the purchase and sale of United States dollars (USD) by the Central Bank of Bolivia (BCB) and financial entities with their clients and users.
SHOULD SAY: OBJECT “Article 1.- (Object and Scope) This Regulation aims to regulate the procedures for determining the exchange rate of the Boliviano and for the purchase and sale of United States dollars (USD) by the Central Bank of Bolivia (BCB) and financial entities and exchange houses with their clients and users.”
SAYS: PURCHASE AND SALE OF UNITED STATES DOLLARS (USD) BY THE FINANCIAL SYSTEM WITH ITS CLIENTS AND USERS Article 21.- (Maximum USD Selling Exchange Rate) Entities supervised by the Financial System Supervision Authority (ASFI) will sell USD to their clients and users at an exchange rate no greater than one (1) cent of Boliviano from the official BCB selling exchange rate in effect on the date of each operation.
Article 22.- (Minimum USD Buying Exchange Rate) Entities supervised by the ASFI will buy USD from their clients and users at an exchange rate no less than one (1) cent of Boliviano from the official BCB buying exchange rate in effect on the date of each operation.
SHOULD SAY: “PURCHASE AND SALE OF UNITED STATES DOLLARS (USD) BY THE FINANCIAL SYSTEM AND EXCHANGE HOUSES WITH THEIR CLIENTS AND USERS Article 21.- (Maximum USD Selling Exchange Rate) Entities supervised by the Financial System Supervision Authority (ASFI) and exchange houses will sell USD to their clients and users at an exchange rate no greater than one (1) cent of Boliviano from the official BCB selling exchange rate in effect on the date of each operation.
Article 22.- (Minimum USD Buying Exchange Rate) Entities supervised by the ASFI and exchange houses will buy USD from their clients and users at an exchange rate no less than one (1) cent of Boliviano from the official BCB buying exchange rate in effect on the date of each operation.”
Article 2.- The modification to the Foreign Exchange Operations Regulation will enter into force from the date of this resolution.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, August 22, 2012
Marcelo Zabalaga Estrada
Hugo Dorado Araníbar Rolando Marín Ibáñez Gustavo Blacutt Alcalá
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