BOARD

BOARD RESOLUTION NO. 038/2025

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFY THE REGULATION FOR THE DEFINITION OF THE GOLD EXPORT QUOTA AND FOR THE ISSUANCE OF THE GOLD EXPORT CERTIFICATE.

VISTOS:

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
• Law No. 1503 of May 5, 2023, Law on the Purchase of Gold Destined to Strengthen International Reserves.
• Supreme Decree No. 5076 of November 30, 2023.
• The BCB Statute approved by Board Resolution No. 095/2022 of October 6, 2022.
• Board Resolution No. 039/2024 of March 18, 2024, which approves the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate.
• The report BCB-GOI-SRES-DOI-INF-2025-28 of March 13, 2025 from the International Operations Management.
• The report BCB-GAL-SANO-DLBCI-INF-2025-80 of March 13, 2025 from the Legal Affairs Management.

CONSIDERING:

That Article 327 of the Political Constitution of the State determines that the Central Bank

---

//2. B.R. No. 038/2025

of Bolivia (BCB) is a public law institution, with legal personality and its own assets, which, within the framework of the State's economic policy, has the function of maintaining the stability of the internal purchasing power of the currency, to contribute to economic and social development.

That numeral 5 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is the attribute of the Central Bank of Bolivia - BCB, in coordination with the economic policy determined by the Executive Branch, to administer International Reserves.

That Paragraph I of Article 349 of the Political Constitution of the State provides that natural resources are the direct, indivisible, and imprescriptible property and domain of the Bolivian people, and their administration will correspond to the State in accordance with the collective interest.

That Article 1 of Law No. 1670 establishes that the Central Bank of Bolivia is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets and with its legal domicile in the city of La Paz. It is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative faculties of general application.

That Article 14 of Law No. 1670 provides that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments.

That Article 44 of Law No. 1670 establishes that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application, and internal rules.

That subsections a), c), and o) of Article 54 of Law No. 1670 indicate the following attributes of the Board of Directors: Issue the rules and adopt the general decisions that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law; carry out follow-up on the execution of monetary, exchange, credit, financial intermediation, and International Reserves administration policies and regulations; and approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for any additional administrative act.

---

//3. B.R. No. 038/2025

That Paragraph III of Article 9 of Law No. 1503 establishes that the Central Bank of Bolivia will take the necessary actions for the replenishment of international reserves, based on market conditions and the liquidity of foreign exchange in the International Reserves.

That the Final Provision of Law No. 1503 states that within the framework of Articles 327 and 328 of the Political Constitution of the State, the BCB, with the objective of complying with its constitutional mandate, is authorized to apply what is provided in Law No. 1670, of October 31, 1995, of the Central Bank of Bolivia and its modifications, which is sufficient for the development of its functions, without requiring further provisions from said law.

That Paragraph II of Article 2 of Supreme Decree No. 5076 determines that the BCB, through specific regulation issued by its Board of Directors, will define the quota that will be exported periodically and the requirements for the issuance of the Gold Export Certificate.

That Paragraph I of the Sole Transitional Provision of Supreme Decree No. 5076 establishes that the BCB must regulate Paragraph II of Article 2 of the aforementioned Supreme Decree.

That Board Resolution No. 039/2024 aims to regulate the determination of the Gold Export Quota and the requirements for the issuance of the Gold Export Certificate (CEO).

That numerals 1) and 30) of Article 10 of the BCB Statute provide that the BCB Board of Directors has the attributes to approve general decisions and issue the rules that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law; as well as to approve, modify, and interpret the Statute and Regulations of the BCB by two-thirds of the votes of all its members, without the need for an additional administrative act.

---

//4. B.R. No. 038/2025

That Article 26 of the Statute stipulates that the Board of Directors pronounces itself on matters within its competence through Resolutions. It may also do so through decisions that will be expressly recorded in the Minutes. Likewise, every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to whom the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be sent to the Board of Directors by the General Management with its recommendation.

That the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate aims to regulate the determination of the Gold Export Quota and the requirements for the issuance of the Gold Export Certificate (CEO).

That Article 2 of the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate regarding the Scope of Application provides that all exporters whose goods to be exported fall under the tariff subheadings contemplated in Paragraph I of Article 2 of Supreme Decree No. 5076 of November 30, 2023, are subject to the aforementioned Regulation.

That the International Operations Management, through report BCB-GOI-SRES-DOI-INF-2025-28, recommends to the BCB Board of Directors the approval of the proposal to modify the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate.

That the Legal Affairs Management, through report BCB-GAL-SANO-DLBCI-INF-2025-80, concludes that considering report BCB-GOI-SRES-DOI-INF-2025-28, the modification to the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate proposed by the International Operations Management is legally appropriate, as it does not contravene the current legal framework, recommending to the BCB Board of Directors its approval.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

---

//5. B.R. No. 038/2025

Article 1.- Modify Article 4 of the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate approved by Board Resolution No. 039/2024 of March 18, 2024 with the following text:

"Article 4.- (CHARACTERISTICS OF THE GOLD EXPORT CERTIFICATE)

I. The CEO will have the following characteristics:

• Sequential number of CEO
• Quantity to be exported in grams of fine gold
• Date of issuance
• Expiration date (not more than fifteen (15) calendar days from the date of its issuance)
• Name or denomination of the exporter
• Tax Identification Number
• Mining Identification Number NIM
• Name and identity document number of the company representative
• Two authorized signatures of the BCB

II. The CEO will be valid only for one export and cannot be used in another export operation.

III. Exceptionally, at the request of the exporter, the CEO may be renewed only once, for a period of fifteen (15) calendar days. The request must be addressed to the General Management of the BCB, attaching the initially issued CEO."

Article 2.- Modify Article 5 of the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate approved by Board Resolution No. 039/2024 of March 18, 2024 with the following text:

---

//6. B.R. No. 038/2025

"Article 5.- (REQUIREMENTS FOR THE ISSUANCE OF THE GOLD EXPORT CERTIFICATE)

The requirements that the exporter must meet for the issuance of the CEO are the following:
a) Have registration as a gold seller to the BCB.
b) Written request addressed to the General Management of the BCB, according to the Annex of the Regulation.
c) Photocopy of the representative's identity document.
d) Have no pending commitments with the BCB.
e) Certification issued by EPCORO, accrediting the amount of gold purchased from the exporter, when applicable."

Article 3.- Modify Article 6 of the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate approved by Board Resolution No. 039/2024 of March 18, 2024 with the following text:

"Article 6.- (OF THE VERIFICATION)

I. In the event that the exporter meets the requirements established in Article 5 of this Regulation, the International Operations Management will issue the corresponding CEO within a maximum period of two business days from receipt of the written request.

II. In the event of a request for CEO renewal, prior verification of non-use thereof, the International Operations Management will issue the renewed CEO, within a period of up to two business days."

Article 4.- Incorporate the Sole Final Provision to the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export

---

//7. B.R. No. 038/2025

Certificate approved by Board Resolution No. 039/2024 of March 18, 2024 with the following text:

"SOLE FINAL PROVISION

The BCB may issue digital CEO, through the electronic platform Single Window for Foreign Trade (VUCE) of the National Customs (AN), once computer interoperability between the BCB and the AN is available. To this effect, the General Management through the areas of the BCB will take the necessary actions for the production launch of the corresponding system, within a period not greater than 20 calendar days."

Article 5.- This Resolution will enter into force from its publication.

Article 6.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, March 13, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumersindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.