BOARD OF DIRECTORS

BOARD RESOLUTION NO. 039/2024

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

VISTOS (VIEWED):

• 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 dated November 30, 2023.
• The BCB Statute, approved via Board Resolution No. 95/2022 of October 6, 2022.
• Board Resolution No. 156/2023 dated November 30, 2023, which approves the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate and its modification.
• The Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2024-21 of March 18, 2024.
• The Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2024-86 of March 18, 2024.

CONSIDERANDO (CONSIDERING):

That Article 327 of the Political Constitution of the State determines that the Central Bank 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 paragraph 5 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is an attribution 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 based on the collective interest.

That Article 1 of Law No. 1670 establishes that the Central Bank of Bolivia is a State institution, of public law, of an autonomous 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 states 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 as attributions of the Board of Directors: to issue regulations and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law; to monitor the execution of monetary, exchange, credit, financial intermediation, and international reserve administration policies and regulations; and 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 any additional administrative act.

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 Supreme Decree No. 5076 regulates the export of gold, authorizing the Central Bank of Bolivia to issue the Gold Export Certificate, for the following tariff subheadings:

CODE	DESCRIPTION OF GOODS
26.16	Minerals of precious metals and their concentrates.
2616.90	- Other
2616.90.10.00	- - Gold minerals and their concentrates
71.08	Gold (including platinumized gold) in unwrought or semi-manufactured forms, or in powder.
	- For non-monetary use:
7108.11.00.00	- - Powder
7108.12.00.00	- - Other unwrought forms
7108.13.00.00	- - Other semi-manufactured forms
7108.20.00.00	- For monetary use
71.12	Waste and scrap of precious metal or of precious metal clad (plated); other waste and scrap containing precious metal or compounds of precious metal, of the kind used principally for the recovery of precious metal, other than products of heading 85.49.
	- Other
7112.91.00.00	- - Of gold or gold-plated (plated), except dross containing other precious metal

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, prior to verification of the quantity required for the replenishment of gold reserves.

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 item 1) of Article 10 of the BCB Statute provides that the Board of Directors has the faculty to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law.

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 item 30) of the aforementioned Article 10 of the BCB Statute states that the Board of Directors may 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.

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 Report from the International Operations Management BCB-GOI-SRES-DNI-INF-2024-21 recommends to the Board of Directors of the BCB the approval of the proposal for the update of the Regulation for the Issuance of the Certificate to Gold Exporters.

That the Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2024-86 concludes that the draft update of the Regulation for the Issuance of the Certificate to Gold Exporters proposed by the International Operations Management is legally appropriate, as it does not contravene the current legal framework, recommending to the Board of Directors of the BCB its approval.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the new Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate in its Eight (8) Articles, which forms part of this Board Resolution as an annex.

Article 2.- This Resolution shall enter into force upon its publication.

Article 3.- From the effective date of this determination, Board Resolutions No. 156/2023 of November 30, 2023, and No. 009/2024 of January 10, 2024, are hereby repealed.

Article 4.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, March 18, 2024

SIGNED: OSCAR FERRUFINO MORRO, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Perez Cueto Eulert.

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ANNEX

REGULATION FOR THE DEFINITION OF THE GOLD EXPORT QUOTA AND FOR THE ISSUANCE OF THE GOLD EXPORT CERTIFICATE

ARTICLE 1.- (OBJECTIVE)

This Regulation aims to regulate the determination of the gold export quota and the requirements for the issuance of the Gold Export Certificate (CEO).

ARTICLE 2.- (SCOPE OF APPLICATION)

All exporters whose goods to be exported fall under the tariff subheadings contemplated in Paragraph I of Article 2 of Supreme Decree No. 5076 dated November 30, 2023, are subject to this regulation.

ARTICLE 3.- (DEFINITION OF THE QUOTA)

The Economic Policy Advisory Body will recommend to the Board of Directors of the Central Bank of Bolivia (BCB) the quantity of gold that will be authorized for periodic export in accordance with the Monetary Program. The Board of Directors will define the quota via Board Resolution.

ARTICLE 4.- (CHARACTERISTICS OF THE GOLD EXPORT CERTIFICATE)

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 ten calendar days from the date of 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 from the BCB

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

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 as follows:

a) Be registered as a gold seller to the BCB. b) Written request addressed to the General Management of the BCB, according to the sample note in the Annex. c) Photocopy of the representative's identity document. d) Have no pending commitments with the BCB.

ARTICLE 6.- (VERIFICATION)

In the event that the exporter meets the requirements established in the preceding article, the International Operations Management, after verifying the quantity required for the replenishment of gold reserves, will issue the corresponding CEO within a maximum period of one business day from receipt of the written request.

ARTICLE 7.- (QUANTITY TO BE RELEASED FOR EXPORT)

The quantity released for the issuance of the CEO, in accordance with Article 5, will be the quantity equivalent to that previously acquired by the BCB or the percentage that the Board of Directors determines via Resolution.

ARTICLE 8.- (GOLD EXPORT CERTIFICATE FOR MINERAL CONCENTRATES WITH GOLD CONTENT)

I. For the export of mineral concentrates with gold content, the BCB may issue the corresponding CEO without requiring prior sale of an equivalent quantity of gold, provided that the quantity of gold contained in each ton of mineral concentrate is less than 500 grams.

II. Companies dedicated to the production and export of mineral concentrates with gold content must register with the BCB as established in the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves.

III. Each request for the issuance of the CEO must attach:

a. Form M-03 indicating the quantity of gold contained in the concentrate and its mineral grade. b. Chemical proof from a laboratory duly certified by IBMETRO.

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Annex: Sample Written Request Note

Date: //___

To: General Manager Central Bank of Bolivia Present.-

REF: REQUEST FOR ISSUANCE OF GOLD EXPORT CERTIFICATE - CEO

By means of this document, I, [Name of Representative], with identity document [CI Number or other], representative of the company [Name of Exporting Company] with NIM: [NIM Number], request the Issuance of the Gold Export Certificate - CEO for [Quantity of fine gold in grams] grams of fine gold in favor of the company I represent.

Sincerely,

Signature: ________________________ Full Name: ________________________ Identity Document Number: ________________________ Cell Phone: ________________________ Email: ________________________