Board Resolution No. 077/2025

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D I R E C T O R I O

BOARD RESOLUTION NO. 077/2025

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFY THE REGULATION ON THE PURCHASE OF GOLD IN THE INTERNAL MARKET DESTINED TO STRENGTHEN 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 on the Purchase of Gold Destined to Strengthen International Reserves.

The BCB Statute approved by Board Resolution (B.R.) No. 95/2022 of October 6, 2022.

The Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves under 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-2025-68 of June 12, 2025, issued by the International Operations Management (GOI).

Report BCB-GAL-SANO-DLBCI-INF-2025-181 of June 12, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

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

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//2. B.R. No. 077/2025

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 internal purchasing power stability 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 the attribute of the Central Bank of Bolivia - BCB, in coordination with the economic policy determined by the Executive Branch, to administer the International Reserves.

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 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 state that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments and said 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 would be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, monitor 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

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//3. B.R. No. 077/2025

any additional administrative act.

That Article 1 of Law No. 1503 aims to authorize the Central Bank of Bolivia to purchase gold from the internal market to strengthen 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 competent entities, that 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 internal market, the BCB will pay in national currency, taking as a basis the international market quotation price of gold, 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 establish the conditions, characteristics, periodicity, limits and procedures for the acquisition of gold from the internal market, in accordance with regulations.

That the Sole 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 empowered to apply what is provided in Law No. 1670, of October 31, 1995, of the Central Bank of Bolivia and its modifications, being this sufficient for the development of its functions, without requiring further provisions from said Law.

That paragraphs 1) and 3) of Article 5 of the BCB Statute provide that its Board of Directors has regulatory 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.

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That Articles 6 and paragraphs 1), 6) and 30) of Article 10 of the BCB Statute 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 monitor their execution, 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 BCB Statute 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 BCB Statute require qualified majorities.

That Article 26 of the Statute stipulates that the Board of Directors rules 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 Legal Affairs Management. 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 Internal Market Destined to Strengthen International Reserves, under Law No. 1503 of May 5, 2023, provide that its scope of application includes all individuals and legal entities legally established, registered and authorized by competent entities that voluntarily participate in the marketing of gold to the BCB, with the purpose of the Regulation being to regulate and establish the mechanisms and formalities for the purchase of gold within the internal market destined to strengthen International Reserves and to define the requirements to market gold with the BCB.

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//5. B.R. No. 077/2025

That the report from the International Operations Management BCB-GOI-SRES-DOI-INF-2025-68 concludes that it is necessary to modify the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, under Law No. 1503 of May 5, 2023, in order to increase the amount of gold that the BCB acquires in the internal market and that said proposal is technically viable, therefore recommending to the BCB Board of Directors its modification.

That the report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2025-181 concludes that the proposal for modification by the International Operations Management to the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, under Law No. 1503 of May 5, 2023 is legally viable, 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:

Article 1.- Modify Article 7 of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, under 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:

"ARTICLE 7.- (REGISTRATION AND IDENTIFICATION OF THE GOLD SELLER)

I. Prior to the start of the commercial relationship, the BCB will proceed to register and identify as a gold seller the individuals and legal entities; public and private; legally established, registered and authorized by competent entities, that are interested in selling gold to the Issuing Entity.

For this purpose, the BCB will request detailed information and documentation from the interested party as set forth in Annex II attached, and subsequently will notify the interested party of their registration as a Gold Seller with the BCB.

II. Additionally, the BCB will require each gold seller to provide the current LBMA questionnaire duly filled out, which will be provided by the BCB.

III. Legal entities, public or private, registered as gold sellers with the Issuing Entity that do not carry out sales transactions for a continuous period exceeding four (4) months will be removed from the official registry of authorized sellers, prior to written notification by the GOI with 15 days' advance notice of the removal from the official registry.

IV. Legal entities, public or private, whose records were removed in accordance with the preceding paragraph, may request a new registration, complying with the conditions established in this Regulation."

Article 2.- Modify Article 15 of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, under 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:

"ARTICLE 15.- (APPLICATION FOR THE SALE OF GOLD – PRIVATE AND PUBLIC LEGAL ENTITIES)

I. Private legal entities, registered as gold sellers with the BCB, will submit their sales application through formal communication channels (institutional email, official note or others accepted by the BCB).

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The BCB will review the sales applications in accordance with the requirements established in Annex III, which has the character of a Sworn Declaration by the seller.

In the event that there are no observations (information indicated in points 1 and 2 of Annex III), the Issuing Entity will notify the seller of the compliance with the requirements of the Gold Sales Application Form and will inform the confirmation regarding the logistics for the physical delivery of the gold and subsequent smelting.

II. Additionally, the seller may propose one or more future sales, the conditions of which will be established in a single contract with a term of up to 6 months. For each future sale, an advance payment of up to 50% (Fifty percent) of the value of the committed quantity of gold may be granted. The disbursement for each advance will be made when the GOI confirms the total delivery of the gold committed for each future sale.

The proposed quantity for future sale must be guaranteed through one or more of the following instruments:

a) First-demand guarantee letter.
b) First-demand guarantee.
c) First-demand guarantee policy.
d) Mortgage guarantee on real or movable property subject to registration. e) BCB bonds.

The proposed guarantee must cover 100% of the amount of each requested advance; the guarantee cannot be returned, cancelled or redeemed until the full compliance with the conditions of the contract.

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//7. B.R. No. 077/2025

The mortgage guarantee or BCB bonds may be granted by the seller or by third parties, who will constitute guarantors and jointly liable parties, in case of non-compliance.

In the event that the future sales proposal meets all the requirements established in this Regulation, the President of the BCB is authorized to sign the corresponding future sales contract, being able to delegate or grant powers with this authority.

If there are observations, the GOI will communicate them to the gold seller in order for them to be remedied.

III. Public legal entities, registered as gold sellers with the BCB, will submit their sales application through formal communication channels (institutional email, official note or others accepted by the BCB). The BCB will review the sales applications in accordance with the requirements established in Annex III.

In the event that there are no observations, the International Operations Management and the Legal Affairs Management, through the General Management, will present to the BCB Board of Directors the technical and legal reports, which contain the proposal for conditions for the acquisition of gold and the request for authorization to sign a contract, with the Public Legal Entity.

The BCB Board of Directors will approve by Minutes the conditions for the acquisition of gold and the authorization to the President of the BCB to sign a contract with the Public Legal Entity.

If there are observations, the GOI will communicate them to the gold seller in order for them to be remedied."

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//8. B.R. No. 077/2025

Article 3.- Modify Annex I of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, under Law No. 1503 of May 5, 2023, approved by Board Resolution No. 066/2024 of May 28, 2024 and its modifications, which form an integral part of this Resolution as an Annex.

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

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

La Paz, June 12, 2025

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

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//9. B.R. No. 077/2025

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 ($\frac{USD}{OT}$) = International market quotation ($\frac{USD}{OT}$) × [1 + % premium or discount]

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

d) Market Sale Value
Market Sale Value (Bs) = Fine Weight (gr) × Purchase Price ($\frac{Bs}{gr}$)

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//10. B.R. No. 077/2025

2. Premium Percentage per Operation

Range by quantity of gold grams	% Premium*
Less than	More than
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	And beyond	18.00%

*Applicable to the quantity of fine gold

3. Premium Percentage for Periodic Sales

The seller may submit 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 quantity 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 5% settlement of each operation carried out during the committed period will only be made based on the quotation from the BCB Quotation Table, without including the premium in each delivery of gold sold 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 previous 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 period.

In the case of future gold sales established in Article 15 of this Regulation, the payment of premiums will be subject to the conditions of the signed contract.

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4. Application for Exchange of CEO

In the event that the gold seller has an unused Gold Export Certificate (CEO), they may request the exchange 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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