Regulatory Alerts2007-04-17 | Resolución 54/2007Added · Updated
Resolution 54/2007
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of 2,250,000 additional Series G banknotes with a face value of Bs200, totaling Bs450,000,000. Director Osvaldo Nina Baltazar is designated to represent the Board during the monetization ceremony, and the Presidency and General Management are tasked with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 054/2007
SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF ADDITIONAL "G" SERIES BANKNOTES.
HAVING VIEWED: 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 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 Reports from the Monetary Operations Management STES No. 049/2007 of April 23, 2007 and STES No. 052/2007 of May 2, 2007. The Report from the Legal Affairs Management SANO No. 100/2007 of April 30, 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 in accordance with contract SANO No. 114/2006, the Central Bank of Bolivia has received partial provision of additional Series "G" banknotes of the Bs200 denomination from the company Francois Charles Oberthur Fiduciaire.
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 Board of Directors of the BCB to authorize the monetization of banknotes.
That Report STES No. 052/2007 considers the monetization of the additional Series "G" banknotes of the Bs200 denomination necessary, and recommends to the Board of Directors of the BCB to consider the monetization of the monetary material delivered in vaults by the provider company Francois Charles Oberthur Fiduciaire.
That in the opinion of the Legal Affairs Management according to Report SANO No. 100/2007, there is no legal impediment for the Board of Directors of the BCB, in attention to 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 2,250,000 450,000,000 TOTAL 2,250,000 450,000,000
Article 2.- Designate Director Osvaldo Nina Baltazar 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, May 2, 2007
Raul Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Aranibar
Rolando Marín Ibáñez Ernesto Yánez Aguilar
Osvaldo Nina Baltazar
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