2006年-世界发展银行全球_Payments_and_Securities_Clearance_and_Settlement_Systems_in_Bolivia_90页_2mb

Summary of "Payments and Securities Clearance and Settlement Systems in Bolivia"

Core Content

This document provides an in-depth analysis of the payments and securities clearance and settlement systems in Bolivia, focusing on the legal, institutional, and economic frameworks that support these systems. It is part of a series by the Western Hemisphere Payments and Securities Settlement Forum, coordinated by CEMLA and the World Bank, and includes contributions from the Banco Central de Bolivia (BCB).

Main Objectives

• To assess and describe the payment and securities systems in Bolivia.
• To identify possible improvements in terms of safety, efficiency, and integrity.
• To promote coordination and cooperation among financial institutions and regulatory bodies in the region.

Key Institutions and Roles

• Banco Central de Bolivia (BCB): Central bank responsible for monetary policy, payment system oversight, and the implementation of reforms.
• Superintendencia de Bancos y Entidades Financieras (SBEF): Banking supervision authority established in 1987 to regulate and supervise financial institutions.
• Superintendencia de Pensiones, Valores y Seguros (SPVS): Regulatory body for pensions, securities, and insurance, created in 1998 to oversee the securities market.
• CEMLA (Centre for Latin American Monetary Studies): Technical Secretariat of the Forum, playing a key role in the sustainability and expansion of the project.
• International Advisory Council (IAC): Composed of experts from various international financial institutions and regulators, providing guidance and advice.

Legal and Regulatory Framework

• Payments System: The legal framework is outlined in the BCB Law, which was modified in 2002 to include policies for monetary, foreign exchange, and payment systems.
• Securities System: Regulated under the Securities Market Law (No. 1834) and its associated regulations, which aim to promote an organized, efficient, and transparent securities market.
• Key Legal Issues: Include netting, novation, finality, zero hour rule, and the use of digital signatures and documents.

Payment Systems Overview

• Non-Financial Entities: Use cash and non-cash payment instruments such as cheques, direct credits and debits, and payment cards.
• Government Payments: Include non-cash government payments, such as those processed through the Treasury Payment System (SPT).
• Interbank Transfer Systems: Include the Automated Clearinghouse (ACH), cheque clearing, and payment card systems.
• Large Value Payment Systems (LVPS): The BCB introduced the Sistema de Pagos de Alto Valor (SIPAV), allowing real-time interbank transfers.
• Cross-Border Payments: The BCB participates in the ALADI (Latin American Integration Association) to facilitate international payments.
• Risk Control Mechanisms: Implemented to ensure the stability and security of payment systems, including encryption and digital signatures.

Securities Systems Overview

• Market Structure: Includes public and private securities, with a focus on government securities and corporate securities.
• Trading Systems: Covers primary and secondary markets, including stock exchanges and over-the-counter markets.
• Clearance and Settlement: Involves central securities depositories, exchanges, and the legal procedures for securities registration and custody.
• Key Trends: A concentration on short-term debt instruments, public securities, and fixed-term deposits rather than private equity or long-term instruments.
• Recent Developments: The creation of mutual funds managing companies (SAFI) and the transformation of securities common funds into investment funds.

Economic and Financial Background

• Macroeconomic Performance (1994-2004): The GDP grew at an average of 3.3% per year, with a slight decline in GDP per capita.
• Inflation: Rose from 3.9% in 2003 to 4.6% in 2004, with an average of 5.4% over the last ten years.
• Public Debt: Reached USD 6.9 billion at the end of 2004, equivalent to 81.5% of GDP.
• Current Account: Recorded a positive balance of USD 257.1 million in December 2004.
• Fiscal Sector: Public sector deficit was 6.1% of GDP in 2004, down from 2003 due to increased fiscal revenues and improved tax collection efficiency.
• External Sector: The current account surplus increased from 0.6% to 3% of GDP, while the financial and capital account showed a deficit.

Financial Sector Reforms

• State Banking: Phased out during the 1990s, with several state banks liquidated due to solvency issues.
• Commercial Banking: Expanded its role, especially in the 1980s and 1990s, with the introduction of more flexible credit policies.
• Non-Banking Financial Institutions: Include savings and credit cooperatives, private financial funds, and housing loan mutual associations, contributing 9.3%, 4.7%, and 4.5% respectively to the financial sector's assets.
• Fiscal and Monetary Policies: Restrictive fiscal and monetary policies were implemented in 1985 as part of the "New Economic Policy" to stabilize the economy and restore public confidence.

Capital Markets Development

• Securities Market Law (1998): Regulates and promotes an organized, integrated, efficient, and transparent securities market.
• Securities Market Registry: Established to track and regulate securities transactions.
• Securities Trading: Includes both public and private offerings, with a focus on short-term debt and public securities.
• Impact of Political Crises: The 2002 political crisis affected the securities market, leading to a decline in bond transactions and market development.

Major Projects and Policies

• Treasury Payment System (SPT): Developed in 2002 to process payments to public sector providers and employees.
• Large Value Payment System (SIPAV): Launched to enable real-time interbank transfers.
• Payment Systems Oversight: Implemented to ensure the stability and efficiency of payment systems.
• Adjustments to BCB Law: Introduced in 2004 to enhance the BCB's role in payment system policy formulation.

Conclusion

The report highlights the evolution of Bolivia's financial and payment systems, emphasizing the role of the BCB, the legal and regulatory environment, and the impact of economic reforms. It also outlines the current trends and future development plans for both payment and securities systems, with a focus on enhancing safety, efficiency, and integration within the region.