Regulatory Alerts2007-12-11 | Resolución 154/2007Added · Updated
Resolution 154/2007
The Board of Directors of the Central Bank of Bolivia extends the compliance deadline for the Foreign Exchange Position Regulation of the Financial System to April 1, 2008, specifically for Mutual System Institutions and Cooperatives. This extension applies to the regulation originally approved by Resolution 122/2007, which was scheduled to take effect on January 1, 2008. The Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 154/2007 SUBJECT: ECONOMIC POLICY ADVISORY - EXTENDING UNTIL APRIL 1, 2008 THE DEADLINE FOR APPLICATION OF THE FOREIGN EXCHANGE POSITION REGULATION OF THE FINANCIAL SYSTEM FOR MUTUAL SYSTEM INSTITUTIONS AND COOPERATIVES.
HAVING REVIEWED: Law No. 1670 of October 31, 1995. Board Resolution No. 122/2007 of September 25, 2007, which approves the Foreign Exchange Position Regulation of the Financial System. The note from the Bolivian Union of Savings and Loan Financial Entities UNIVIV-0207/2007 of December 13, 2007.
CONSIDERING: That the Central Bank of Bolivia (BCB), in compliance with Law No. 1670, has established a Foreign Exchange Position Regulation of mandatory compliance by Financial System Institutions. That, based on Articles 44 and 54, subsections a) and q) of Law No. 1670, the highest authority of the BCB is its Board of Directors, responsible for defining policies and specialized general application regulations, for which it is empowered to issue norms and adopt general decisions necessary for the BCB to fulfill the functions, competencies, and powers recognized by legal mandate, and to carry out all activities necessary to comply with its functions. That Article 11, numeral 12) of the BCB Statutes establishes that the Board of Directors of the Issuing Entity has the authority to determine the exchange regime and the country's exchange policy. That through Board Resolution No. 122/2007, the Foreign Exchange Position Regulation for Banking and Non-Banking Financial Entities was approved, effective from January 1, 2008. That pursuant to Article 54, subsection o) of Law 1670, the Board has the authority to approve, modify, and interpret the Statutes and Regulations of the BCB by a two-thirds vote of all its members, without the need for any additional administrative act.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Extend for Mutual System Institutions and Cooperatives until April 1, 2008, the deadline for application of the Foreign Exchange Position Regulation of the Financial System, approved by Board Resolution No. 122/2007.
Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, December 18, 2007
Raúl Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar
Osvaldo Nina Baltazar
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