Regulatory Alerts2007-05-15 | Resolución 63/2007Added · Updated
Resolution 63/2007
The Board of Directors of the Central Bank of Bolivia authorizes the monetization of additional Series G banknotes in the Bs100 and Bs50 denominations. This action involves a total of 6,750,000 pieces with a combined face value of Bs562,500,000, supplied by Francois Charles Oberthur Fiduciaire. Director Rolando Marín is designated to represent the Board during the monetization act, while the Presidency and General Management are tasked with executing the resolution.
BOARD RESOLUTION NO. 063/2007
SUBJECT: MONETARY OPERATIONS MANAGEMENT - AUTHORIZES MONETIZATION OF ADDITIONAL "G" SERIES BANKNOTES.
HAVING REVIEWED: 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 CBB and the company Francois Charles Oberthur Fiduciaire. The Report from the Monetary Operations Management STES No. 068/2007 of May 21, 2007. The Report from the Legal Affairs Management SANO No. 123/2007 of May 22, 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 inalienably 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 from the company Francois Charles Oberthur Fiduciaire the partial provision of banknotes of the additional "G" series of the Bs100 and Bs50 denominations. That it is the attribution of the Board of Directors 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 CBB to authorize the monetization of banknotes. That Report STES No. 068/2007 considers the monetization of the additional "G" series banknotes of the Bs100 and Bs50 denominations necessary, and recommends to the Board of Directors of the CBB to consider the monetization of the monetary material 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. 123/2007, there is no legal impediment for the Board of Directors of the CBB, in attention to its faculties and competencies, to approve the monetization of banknotes in the Bs100 and Bs50 denominations.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Authorize the monetization of additional "G" series banknotes of the Bs100 and Bs50 denominations according to the following detail:
DENOMINATION | NUMBER OF PIECES | VALUE IN Bs 100 | 4,500,000 | 450,000,000 50 | 2,250,000 | 112,500,000 TOTAL | 6,750,000 | 562,500,000
Article 2.- Designate Director Rolando Marín to participate in the monetization act of the aforementioned material on behalf of the Board of Directors.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, May 22, 2007
Raúl Garrón Claure
Gustavo Blacutt Alcalá Hugo Dorado Aranibar
Rolando Marín Ibáñez Ernesto Yánez Aguilar
Osvaldo Nina Baltazar
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