Regulatory Alerts2007-12-18 | Resolución 155.2007Added · Updated
Resolution 155/2007
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 7,300,000 additional Series G banknotes with a face value of Bs200, totaling Bs1,460,000,000. Directors Hugo Dorado and Ernesto Yañez are designated to represent the Board during the monetization ceremony. The Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 155/2007
SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF ADDITIONAL "G" SERIES BANKNOTES.
HAVING SEEN: 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 Banknote Provision Contract (Additional Series G) SANO No. 114/2006 of October 18, 2006, signed between the BCB and the company Francois Charles Oberthur Fiduciaire. The Addendas SANO No. 110/2007 of September 7, 2007 and SANO No. 177/2007 of November 1, 2007 to modify Contract SANO No. 114/2006. The Report from the Monetary Operations Management STES No. 147/2007 of December 17, 2007. The Report from the Legal Affairs Management SANO No. 329/2007 of December 17, 2007.
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 within the framework of contract SANO No. 114/2006 and addendas SANO No. 110/2007 and SANO No. 177/2007, the Central Bank of Bolivia has received from the company Francois Charles Oberthur Fiduciaire the first delivery of monetary material consisting of 146 boxes with 7,300,000 pieces of the Bs200 denomination.
That it is an attribution of the Board according to Article 54, subsection m) of Law No. 1670 and numeral 11 of Article 11 of the Statute, to authorize and supervise the issuance of banknotes.
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.
That the Monetary Operations Management establishes in Report STES No. 147/2007 that to carry out the distribution of the received monetary material, it recommends the monetization of the additional Series "G" banknotes of the Bs200 denomination, delivered in vaults by the supplier company Francois Charles Oberthur Fiduciaire.
That in the opinion of the Legal Affairs Management according to Report SANO No. 329/2007, there is no legal impediment for the BCB Board, in accordance with its faculties and competencies, to approve the monetization of banknotes in the Bs200 denomination.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Authorize the monetization of additional Series "G" banknotes of the Bs200 denomination, according to the following detail:
DENOMINATION NUMBER OF PIECES VALUE IN Bs 200 7,300,000 1,460,000,000.- TOTAL 7,300,000 1,460,000,000.-
Article 2.- Designate Directors Hugo Dorado and Ernesto Yañez to represent the Board in the act of monetization of the aforementioned material.
Article 3.- 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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