Monetary and Financial Law. Section III. Article 10. Composition of the Monetary Board.
The Monetary Board is integrated by three (3) ex-officio and six (6) temporary members. The ex-officio members are: the Governor of the Central Bank, who presides over the board; the Secretary of State of Finance and the Bank Superintendent. The President of the Monetary Board will represent the Monetary Board officially and exclusively and will not be able to delegate his post to any member of the Board.
Monetary and Financial Law. Section III. Article 9. Attributions of the Monetary Board.
Monetary and Financial Law. Section III. Article 13. Operation.
- To determine the Nation’s monetary, exchange and financial policies according to this Law and in agreement with the regulatory objectives of Article 2 of the present Law.
- To approve the Monetary Program in accordance with the objective established within Article 2 of this Law, as well as ascertain and control its level of execution.
- To dictate the Monetary and Financial Regulations for the development of the present Law.
- To approve the Central Bank and the Bank Superintendence’s Internal Procedures and organic structure according to their own proposals.
- To approve the Central Bank and the Bank Superintendence’s budgets.
- To grant and to revoke authorization to serve as a financial mediation institution, as well as authorize mergers, takeovers, separations and parallel figures between financial mediation institutions and the Bank Superintendence.
- To grant and to revoke authorization to serve as an exchange mediation institution, as well as authorize mergers, takeovers, separations and parallel figures between exchange mediation institutions and the Bank Superintendence.
- To become acquainted with and resolve the hierarchic resources interposed against bills dictated by the Central Bank and the Bank Superintendence as related to their respective interests.
- To approve and to escalate to the Executive Power the proposals for modification of the monetary and financial legislation, in accordance with the Constitution of the Republic, as well as to inform this entity about the legislative or any other initiatives that could affect the monetary and financial system.
- To designate, suspend or remove civil employees of the Central Bank and the Bank Superintendence as proposed by the Governor and the Bank Superintendent, accordingly.
- To designate to the Comptrollers for the Central Bank and the Bank Superintendence.
- To perform the other functions that the present Law entrusts the Monetary and Financial Administration which have not been specifically attributed to the Central Bank and to the Bank Superintendence. Said duties could be delegated to the Central Bank or the Bank Superintendence by the Monetary Board.
The meetings of the Monetary Board will be summoned by its President, who will establish the Agenda. These meetings will be held at least once a month or whenever requested in writing to the President of the Board, by at least four (4) temporary members.