Board Resolution No. 061/2025

[Logo: BICENTENARIO DE BOLIVIA] [Logo: BANCO CENTRAL DE BOLIVIA] [Logo: ESTADO PLURINACIONAL DE BOLIVIA]

D I R E C T O R I O

BOARD RESOLUTION NO. 061/2025

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFY THE REGULATION ON GOLD PURCHASE IN THE DOMESTIC MARKET AIMED AT STRENGTHENING INTERNATIONAL RESERVES UNDER LAW NO. 1503 OF MAY 5, 2023.

VIEWED:

The Political Constitution of the State (CPE) 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.

The Statute of the BCB, approved by Board Resolution No. 95/2022 of October 6, 2022.

The Regulation on the Purchase of Gold Destined to Strengthen International Reserves within the framework of Law No. 1503 of May 5, 2023, approved by Board Resolution No. 066/2024 of May 28, 2024 and its modifications.

Report BCB-GOI-SRES-DOI-INF-2025-59 of May 9, 2025, issued by the International Operations Management (GOI).

Report BCB-GAL-SANO-DLBCI-INF-2025-140 of May 12, 2025, issued by the Legal Affairs Management (GAL).

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

That Article 1 of Law No. 1670, modified by Article 64, section A3, numeral 1) of Law No. 1864 of June 15, 1998 on Property and Popular Credit, establishes that the BCB is a State institution, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets and with 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 regulatory powers of general application.

That Articles 14 and 15 of Law No. 1670 establish that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments and that these reserves are constituted by one or more of the assets among which physical gold is included.

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 as attributes of the Board of Directors the following: Issue the rules and adopt the general decisions that

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would be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, carry out the monitoring of 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.

That Article 1 of Law No. 1503, has as its object to authorize the Central Bank of Bolivia to Purchase Gold from the Domestic Market for the Strengthening of International Reserves and to carry out financial operations with International Reserves in gold in international markets.

That Article 2 of Law No. 1503 states that individuals and legal entities, public and private, legally established, registered and authorized by the competent entities, who participate in the marketing of gold, are within the scope of application of the Law.

That Article 4 of Law No. 1503 provides that for the purchase of gold in the domestic market, the BCB will pay in national currency, taking as a basis the price of the international gold quotation, under competitive conditions, in accordance with regulations issued by the Issuing Entity.

That Article 5 of Law No. 1503, establishes that the Central Bank of Bolivia will set the conditions, characteristics, periodicity, limits and procedures for the acquisition of gold from the domestic market, in accordance with regulations.

That the Sole Final Provision of Law No. 1503, determines 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 empowered to apply what is provided in Law No. 1670, of October 31, 1995 on the BCB and its modifications, being this sufficient for the development of its functions, without requiring greater provisions than said Law.

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That numerales 1) and 3) of Article 5 of the Statute of the BCB provide that its Board of Directors has normative competence to issue specialized rules in the fields assigned by Law and technical competence for the formulation of policies and the application of instruments that allow it to fulfill its object.

That Article 6 and numerales 1), 6) and 30) of Article 10 of the Statute of the BCB, provide that the 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 powers assigned to it by the Law, approve the policy and rules for the administration of International Reserves, as well as carry out monitoring of their execution, as well as 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 Paragraph I of Article 24 of the aforementioned Statute of the BCB, provides that the Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of its members present in a meeting, except in cases where Law No. 1670 or the Statute of the BCB require qualified majorities.

That Paragraphs I and II of Article 26 of the Statute of the BCB, stipulate 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, any draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to whom the matter subject to the Resolution corresponds and by a report from the GAL. These reports must be sent to the Board of Directors by the General Management with its recommendation.

That Articles 2 and 3 of the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, provide as their scope of application all individuals and legal entities legally established, registered and authorized by the competent entities that voluntarily participate in the marketing of gold to the

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BCB, being the purpose of the Regulation to regulate and establish the mechanisms and formalities for the Purchase of Gold within the Domestic Market with Destination to the Strengthening of International Reserves and to define the requirements to market gold with the BCB.

That report BCB-GOI-SRES-DOI-INF-2025-59 from the GOI concludes that the proposed modifications to the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023 are technically viable, therefore recommending to the Board of Directors of the BCB their approval.

That report BCB-GAL-SANO-DLBCI-INF-2025-140, concludes that the proposal of the GOI expressed through report BCB-GOI-SRES-DOI-INF-2025-59, is legally viable as it does not contravene any legal provision and is within the attributes of the BCB; recommending to the Board of Directors of the BCB to approve the modifications to Article 19, Annex I and Annex IV of the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, with the purpose of improving the gold purchase policy in the domestic market.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Modify Article 19 of the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, approved by Board Resolution No. 066/2024 of May 28, 2024 and its modifications, with the following text:

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“ARTICLE 19.- (GOLD PURITY LIMIT).

The BCB will acquire gold from private or public individuals and legal entities, with a percentage not less than 80%.”

Article 2.- Modify Annex I and Annex IV of the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, approved by Board Resolution No. 066/2024 of May 28, 2024 and its modifications, which as Annexes form an integral part of this Resolution.

Article 3.- Gold sale commitments assumed prior to the approval of this Resolution, will remain valid until their fulfillment based on the conditions that were agreed upon and under the regulations in force at that time.

Article 4.- This Resolution will enter into effect from its publication.

Article 5.- The Presidency and the General Management are charged with the compliance of this Resolution.

La Paz, May 13, 2025

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

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ANNEX I - Calculation Methodology

1. Calculation Methodology for BCB Gold Purchases

a) Fine Weight
Fine Weight (gr) = Net Weight (gr) x Gold Purity (%)

b) Purchase Price (USD/OT)
Purchase Price $\left(\frac{\text{USD}}{\text{OT}}\right)$ = International market quotation $\left(\frac{\text{USD}}{\text{OT}}\right)$ $\times$ [1 + %premium or discount]

c) Purchase Price (Bs/gr)
Purchase Price $\left(\frac{\text{Bs}}{\text{gr}}\right)$ = $\left[ \frac{\text{Purchase Price } \left(\frac{\text{USD}}{\text{OT}}\right)}{31,1035 \left(\frac{\text{gr}}{\text{OT}}\right)} \right] \times \text{Exchange Rate } \left(\frac{\text{Bs}}{\text{USD}}\right)$

d) Market Sale Value
Market Sale Value (Bs) = Fine Weight (gr) $\times$ Purchase Price $\left(\frac{\text{Bs}}{\text{gr}}\right)$

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2. Premium Percentage per Operation

Range by quantity of gold grams	% Premium*
Lower	Upper
1,000	3,000	0.00%
3,001	15,000	12.00%
15,001	40,000	14.00%
40,001	50,000	16.00%
50,001	Onwards	18.00%

*Applicable to the amount of fine gold

3. Premium Percentage for Periodic Sales

The seller may present a commitment note in accordance with Annex IV, as applicable, committing to sell to the BCB a quantity equal to or greater than 40,001 grams of fine gold within a maximum period of five (5) business days.

The premium will be applied to the amount effectively delivered to the BCB, according to the range established in the Table in point 2 “Premium Percentage per operation”.

The 95% advance and the settlement of the 5% of each operation carried out during the committed period will only be effected based on the quotation from the BCB Quotation Table, without including the premium in each delivery of gold sale to the BCB.

For the commitment, the seller may opt for one of the following options for the calculation of the sale price per gram of fine gold:

a) The highest price in the BCB quotation table of the last five (5) business days prior to the moment of the fine gold sale, or;

b) The highest price in the BCB quotation table of the five (5) business days valid within the commitment.

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4. Request for CEO Swap

In the event that the gold seller has an unused Gold Export Certificate (CEO), they may request the swap of said CEO in accordance with Annex V with the purpose of benefiting from the premiums according to the ranges established in the Table in point 2 of Annex I, with said CEO becoming void.

In the event that the quantity of gold declared in the CEO is equal to or greater than 40,001 grams of fine gold, they may present a commitment note in accordance with Annex IV, as applicable.

The corresponding premium is only applicable up to the quantity specified in the presented CEO and is not cumulative with the Premium Percentages for Periodic Sales.

The presented CEO will be considered used and will automatically become invalid.

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Annex IV
A: Format of Sale Commitment Note

La Paz, ...........................................................

Sir
...........................
General Manager
Central Bank of Bolivia
Present.

Of my consideration:

I ............... representative of the company ................... commit to selling gold to the Central Bank of Bolivia, in a quantity equal to or greater than 40,001 grams of fine gold in ....... (...) business days between the ......... and the ...... of .......... of........... in accordance with the modality of subsection a) established in Annex I, numeral 3.

Sincerely.

...........................................................

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Annex IV
B: Format of Sale Commitment Note

La Paz, ...........................................................

Sir
...........................
General Manager
Central Bank of Bolivia
Present.

Of my consideration:

I ............... representative of the company ................... commit to selling gold to the Central Bank of Bolivia, in a quantity equal to or greater than 40,001 grams of fine gold in ....... (...) business days between the ......... and the ...... of .......... of........... in accordance with the modality of subsection b) established in Annex I, numeral 3.

Sincerely.

...........................................................