SGDB No. 051/2012: Procedure for Channeling Operations via the SUCRE System

[Logo of the Central Bank of Bolivia]

EXTERNAL CIRCULAR OF THE CENTRAL BANK OF BOLIVIA

La Paz, November 23, 2012 SGDB No. 051/2012

FROM: GENERAL MANAGEMENT INTERNATIONAL OPERATIONS DEPARTMENT TO: FINANCIAL ENTITIES SUBJECT: PROCEDURE FOR CHANNELING OPERATIONS VIA THE UNIFIED SYSTEM OF REGIONAL PAYMENT COMPENSATION (SUCRE)

Ladies and Gentlemen:

In compliance with the Internal Regulations for operations through SUCRE, approved by the Board of Directors Resolution of the Central Bank of Bolivia No. 103/2010 of September 14, 2010, and modified by Board of Directors Resolutions Nos. 113/2010 of October 5, 2010, and 196/2012 of November 20, 2012, the following provisions are established for the channeling of payments through the Central Clearing House for Payments (CCC) of SUCRE, which shall enter into force as of this date:

1. Authorization to operate in SUCRE

The financial entity regulated by the Authority for the Supervision of the Financial System (ASFI) shall send a note to the International Operations Department of the BCB in the format of Annex 1 to request its inclusion as an Authorized Operating Bank (AOB) in SUCRE.

The BCB shall communicate via note in each case the enabling of the financial entity as an AOB, from which date it may channel payments and collections in SUCRE on behalf of its clients.

2. Registration of the issuance or receipt of an instrument to be channeled via SUCRE

2.1 Instruments issued by the AOB

AOBs shall send to the International Operations Department of the BCB via note, a photocopy of the SWIFT message of opening of the Letter of Credit issued and which will be channeled for its payments through SUCRE, within a maximum period of three (3) business days counted from the date of its issuance.

2.2 Instruments received from abroad by the AOB

AOBs shall send to the International Operations Department of the BCB via note, a photocopy of the SWIFT message of opening of the Letter of Credit issued by an AOB abroad, and which will be channeled for its payments through SUCRE, within a maximum period of three (3) business days counted from its receipt.

3. Payments for operations of export from Bolivia

3.1 Payments by Letters of Credit

Payments received by Letters of Credit will be processed by the BCB to the account of the AOB, on the same day of receipt of the SUCRE credit, for the corresponding crediting in the beneficiary's accounts.

3.2 Communication of payments to the AOB

The BCB will communicate via note to each AOB the amounts and beneficiaries of the credits by Payment Orders received through SUCRE, on the same day of their receipt.

3.3 AOB Conformity

The AOB, within a maximum period of three (3) business days of receiving the communication, must send a note to the International Operations Department of the BCB certifying under its full and absolute responsibility, that the credit or credits received correspond to an export and to an exporting company duly verified by the AOB.

In the event that such a note is not received from the AOB, the BCB on the fourth (4) business day of receiving the credit will proceed to its reversal to SUCRE, under the exclusive responsibility of the AOB.

4. Collections for import operations to Bolivia

The AOB via note in the format of Annex 2 will authorize the BCB to debit its current and reserve account in national currency, to effect the payment via SUCRE of an import operation.

5. Modifications in instruments

Any modification to a Letter of Credit issued or received by the AOB must be communicated to the BCB within a maximum period of three (3) business days of such modification being made or received.

6. Inquiries

Inquiries will be received in the Sub-Department of External Operations and the Department of Exchange Operations and Agreements (Phone 2409090 Extensions 1802 or 1811).

From this date, the External Circular of the Central Bank of Bolivia SGDB No. 025/2010 of October 5, 2010 is repealed.

A copy of Board of Directors Resolution No. 196/2012 of November 20, 2012 is attached.

Sincerely,

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A N N E X 1

Sir David Espinoza Torrico MANAGER OF INTERNATIONAL OPERATIONS CENTRAL BANK OF BOLIVIA Present

Sir Manager:

By means of this letter, we request your inclusion of the Bank ............. as an Authorized Operating Bank (AOB) to operate within the Unified System of Regional Payment Compensation (SUCRE), committing ourselves to compliance with the Internal Regulations for Operations through SUCRE approved by the Board of Directors Resolutions of the Central Bank of Bolivia Nos. 103/2010, 113/2010 and 196/2012 of September 14, 2010, October 5, 2010 and November 20, 2012 respectively, and the External Circular of the BCB No. SGDB No. 051/2012 of November 23, 2012.

With this reason, we salute you attentively.

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A N N E X 2

Sir Francisco Lecoña Luque SUB-MANAGER OF EXTERNAL OPERATIONS CENTRAL BANK OF BOLIVIA Present

Sir Sub-Manager:

By means of this, we authorize the debit of our Current and Reserve Account in (Bs or USD) for the payment of Letter of Credit No. ........., through the Unified System of Regional Payment Compensation (SUCRE):

Beneficiary Country : __________________________ Beneficiary Bank : __________________________ Payment Date : __________________________ Imported Product : __________________________ Tariff Code (NANDINA) : __________________________ Correlative Number assigned by the AOB : __________________________ Amount in foreign currency : __________________________ Beneficiary Account Number : __________________________ Beneficiary Name : __________________________ Description of payment : __________________________

With this reason, we salute you attentively.