Board Resolution No. 091/2026 Approving the Regulation on Gold Purchases in the Domestic Market for Strengthening International Reserves and Gold Export Quota

SUBJECT:
BOARD
BOARD RESOLUTION NO. 91/2026
INTERNATIONAL OPERATIONS MANAGEMENT - APPROVE
THE REGULATION ON THE PURCHASE OF GOLD IN THE DOMESTIC MARKET DESTINED TO STRENGTHEN INTERNATIONAL RESERVES AND GOLD EXPORT QUOTA

SEEN:
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, on the Purchase of Gold Destined to Strengthen International Reserves.
Supreme Decree No. 5076 of November 29, 2023.
Board Resolution No. 176/2025 of December 4, 2025, which approves the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota.
Board Resolution No. 88/2026 of June 26, 2026, which approves the BCB's Foreign Exchange Operations Regulation.
The BCB Statute approved by Board Resolution No. 85/2026 of June 23, 2026.
The report BCB-GOI-SRES-DNI-INF-2026-28 of June 29, 2026, issued by the International Operations Management (GOI).
The report BCB-GAL-SANO-DLBCI-INF-2026-158 of June 29, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:
That the Political Constitution of the State in its article 327 determines that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it has the function of maintaining the internal purchasing power of the currency to contribute to economic and social development. In numeral 5) of paragraph I of its article 328, it establishes that the BCB, in coordination with the economic policy determined by the Executive Branch, has the authority to administer International Reserves.

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

That the aforementioned Law in its articles 16 and 17 determines that the BCB will administer and manage its International Reserves, being able to invest them and deposit them in custody, as well as dispose of and pledge them, in the manner it considers most appropriate for the fulfillment of its object and functions and for their adequate safeguarding and security. It may also purchase foreign exchange hedging instruments in order to reduce risks. International Reserves are immune from seizure and cannot be subject to precautionary, administrative, or judicial measures, nor be subject to any state tax or contribution.

That in its article 44, Law No. 1670 provides 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. In its article 54, subsections a), c), o), and q), it establishes that the Board has the authority to issue regulations and adopt general decisions that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to monitor the execution of monetary, foreign exchange, credit, financial intermediation, international reserves administration, and other policies and regulations corresponding to the BCB in accordance with this Law; 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, and those that are necessary for the fulfillment of its functions.

That Law No. 1503, in its article 1, provides that its object is to authorize the BCB to purchase gold from the domestic market to strengthen International Reserves and to carry out financial operations with International Reserves in gold in international markets. In its article 2, it states that the following are within the scope of application of this Law: individual and legal persons, public and private, legally established, registered, and authorized by competent entities, that participate in the commercialization of gold.

That the aforementioned Law, in its article 4, provides that for the purchase of gold in the domestic market, the BCB will pay in national currency, taking as a base the international quotation price of gold, under competitive conditions, in accordance with regulations issued by the Issuing Entity. In its article 5, it determines that the BCB will establish the conditions, characteristics, periodicity, limits, and procedures for the acquisition of gold from the domestic market, in accordance with regulations.

That in its article 9, said Law provides that the BCB will carry out operations in international markets with gold reserves, being able to buy, invest, deposit in custody, use in hedging instruments, transform, and convert them into foreign exchange, in order to optimize the liquidity and/or yield of International Reserves. Likewise, it provides that the BCB must maintain a minimum of twenty-two (22) tons of gold reserves of the International Reserves, computable semi-annually from the approval of the present Law, and based on market conditions and foreign exchange liquidity of the International Reserves, the BCB will take the necessary actions for the replenishment of gold reserves.

That the single 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 authorized to apply what is provided in Law No. 1670, being this sufficient for the development of its functions, without requiring greater provisions than said law.

That Supreme Decree No. 5076 in its article 2 regulates the export of gold, authorizing the BCB to issue the Gold Export Certificate (CEG), for the following tariff subheadings:

CODE DESCRIPTION OF MERCHANDISE
26.16 - Minerals of precious metals and their concentrates.
2616.90 — Gold minerals and their concentrates
71.08 Gold (including platinumized gold) in crude, semi-manufactured, or powder form.

• For non-monetary use:
  7108.11.00.00 ~ Powder
  7108.12.00.00 ~ Other crude forms
  7108.13.00.00 — Other semi-manufactured forms
  7108.20.00.00 - For monetary use
  71.12 Scraps and waste, of precious metal or of precious metal plating (plaque); other scraps and waste containing precious metal compounds of precious metal, of the types used mainly for the recovery of precious metal, other than products of heading 85.49.
• Others
  7112.91.00.00 ~ Of gold or gold-plated (plaque), except dross containing another precious metal

That paragraph II of the cited article 2 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 CEG, prior to verification of the quantity required for the replenishment of gold reserves. In paragraph I of its single transitional provision, it establishes that the BCB must regulate paragraph II of article 2 of Supreme Decree No. 5076.

That the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota in its article 1 establishes that its object is to establish the regulation of Law No. 1503, for the purchase of gold in the domestic market by the BCB destined to strengthen International Reserves and the determination of the gold export quota established in Supreme Decree No. 5076.

That the Foreign Exchange Operations Regulation in its article 1 establishes that its object is to establish the procedures for the determination of the Official Exchange Rate (TCO) of the Boliviano in relation to the United States dollar (USD).

That the BCB Statute in its article 11, numerals 1), 5), 22), and 51), provides that the Board has the authority to approve general decisions and issue regulations that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to approve the policy and rules for the administration of International Reserves; 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; and other attributions that are necessary for the fulfillment of its functions.

CONSIDERING:
That through report BCB-GOI-SRES-DNI-INF-2026-28, the GOI concludes that due to the approval of the new Foreign Exchange Operations Regulation through B.R. No. 88/2026, it is necessary to adjust the methodology for calculating the gold purchase price.

Likewise, it recommends expanding the universe of potential offerors, facilitating smaller-scale operations, and continuing gold purchases through the reduction of the minimum purchase quantity and the minimum purity level. In this sense, the proposal for the new regulation is considered technically viable.

That through report BCB-GAL-SANO-DLBCI-INF-2026-158, the GAL concludes that from the analysis carried out and in attention to the background information sent by the GOI, the proposal for the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota presented by the GOI is legally viable as it does not violate the current legal framework, so it corresponds to the Board of Directors of the BCB to approve it in accordance with what is established in article 54 subsections a), o), and q) of Law No. 1670 and article 11 numerals 1), 5), 22), and 51) of the BCB Statute, leaving without effect the Regulation approved by Board Resolution No. 176/2025.

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

Article 1.- Approve the Regulation on the Purchase of Gold in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota, in its fourteen (14) articles, one (1) single transitional provision, and its Annex which forms an integral part of this Resolution.

Article 2.- This Resolution will enter into force from its publication in the BCB's communication media.

Article 3.- From the entry into force of the Regulation approved by this Resolution, Board Resolution No. 176/2025 of December 4, 2025, is hereby repealed.

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

La Paz, June 29, 2026

David Iván Espinoza Torrico
PRESIDENT a.i.

Claudia Haydee Pacheco Ayala
DIRECTOR a.i.

Walter Fernando Orellana Rocha
DIRECTOR a.i.

Denise Sussan Marlin Alarcón
DIRECTOR a.i.

Alvaro Alfonso Romero Villavicencio
DIRECTOR a.i.

ANNEX
REGULATION ON THE PURCHASE OF GOLD IN THE DOMESTIC MARKET DESTINED TO STRENGTHEN INTERNATIONAL RESERVES AND GOLD EXPORT QUOTA

ARTICLE 1.-(OBJECT)
The present Regulation has the object of establishing the regulation of Law No. 1503 of May 5, 2023, for the purchase of gold in the domestic market by the Central Bank of Bolivia (BCB), destined to strengthen International Reserves and the determination of the gold export quota established in Supreme Decree No. 5076 of November 30, 2023.

ARTICLE 2.-(SCOPE OF APPLICATION)
This Regulation is subject to all legal persons, public and private, established, registered, and legally authorized in national territory that voluntarily participate in the sale of gold to the BCB, as well as exporters whose goods to be exported are framed within the tariff subheadings contemplated in paragraph I of article 2 of Supreme Decree No. 5076 of November 30, 2023.

ARTICLE 3.-(REGISTRATION AND IDENTIFICATION)
Prior to the sale of gold to the BCB, the registration and identification as a gold seller of legal persons, public and private, legally established in national territory, that are interested in selling gold to the Issuing Entity, will be carried out. The BCB will make known the requirements and procedures for the registration and identification of the gold seller.

ARTICLE 4.-(ORIGIN OF GOLD)
For each sale operation, the legal person, public or private, must indicate in a sworn declaration that the gold has a lawful origin.

Likewise, the BCB will request the Validation Acts of the M-02 forms, issued by the National Service for Registration and Control of the Commercialization of Minerals and Metals (SENARECOM), an indispensable document to guarantee the legality and traceability of gold.

ARTICLE 5.-(QUANTITY)
The BCB will carry out gold purchases from legal persons, public and private, registered with the BCB as determined in article 3, according to a quarterly program approved by the BCB Board of Directors.
The minimum quantity of gold to be purchased per operation will be 10,000 grams.

ARTICLE 6.-(PURETY AND ACQUIRED VOLUMES)
Public or private legal persons, registered with the BCB, may sell gold in bars with a purity percentage no less than 70% and a gross weight no less than 5,000 grams.

ARTICLE 7.-(GOLD PURCHASE PRICE)
The purchase price will take as a base the international quotation of gold and the Official Exchange Rate (TCO) of the United States dollar, in accordance with what is established in Annex 1.

ARTICLE 8.-(PAYMENT AND SETTLEMENT FOR THE PURCHASE OF GOLD)
The payment for the purchase of gold will be made in national currency, as follows:
Initial Settlement: Upon receipt of the gold, the BCB will make an initial payment of 95% of the value of the gold, which will be determined by multiplying the fine weight of the gold bar by the purchase price.
Final Settlement: Once the laboratory result on the purity of the gold is obtained, within a period not exceeding five (5) business days, the final settlement of the 5% will be made.

ARTICLE 9.-(CONTRACTING OF SERVICES FOR THE PURCHASE OF GOLD)
Within the framework of article 6 of Law No. 1503 on the Purchase of Gold Destined to Strengthen International Reserves, the BCB will carry out contracts for assaying, laboratory testing, transport, and gold refining services; which must have the corresponding certifications and insurance coverage.

ARTICLE 10.-(GOLD CUSTODY)
The gold acquired in the domestic market will be held in BCB vaults under the responsibility of the Treasury Management (OTES) until its shipment abroad for refining.

ARTICLE 11.-(APPROVAL AND EXIT FROM NATIONAL CUSTOMS TERRITORY)
I. The exit of gold from the national customs territory for refining purposes abroad will be approved by the BCB Board of Directors.
II. The International Operations Management (GOI) will process the Ministerial Resolution that authorizes the exit of gold from the national customs territory before the Ministry of Economy and Public Finances.
III. The General Management, the GOI, and the GTES, within the framework of their functions, are charged with the execution of technical, operational, and administrative activities for the exit of gold from BCB vaults, complying with all security measures.
IV. The GOI will be responsible for verifying the receipt of gold at the custodian bank abroad and will inform the BCB Board of Directors about the execution of exits from the national customs territory.

ARTICLE 12.-(DETERMINATION OF THE EXPORT QUOTA)
In accordance with what is established in Supreme Decree No. 5076 of November 30, 2023, the quantity defined for the export quota will be determined by disposition of the BCB Board of Directors.

ARTICLE 13.-(REQUIREMENTS FOR THE ISSUANCE AND VALIDITY OF THE GOLD EXPORT CERTIFICATE)
The BCB, through the GOI, will enable the available quantity of fine gold previously acquired in the Foreign Trade Single Window (VUCE), so that the interested party generates the Gold Export Certificate (CEO) through this platform in digital format, which will be valid only for one export operation, for which it must have the following requirements:
Registration as a gold seller to the BCB.
Having an Foreign Trade Operator (OCE) user to operate on the VUCE platform.
Having available balance (kg) according to gold sales made to the BCB.
Each CEO will have a validity of thirty (30) calendar days.
Legal persons, private or public, registered with the BCB may request the issuance of the CEO up to 60 calendar days after the sale of gold to the BCB. Thereafter, the quantity of gold sold to the BCB will be automatically deducted from the accumulated available balance.

ARTICLE 14.-(PROCEDURE AND TECHNICAL ASPECTS)
The GOI is authorized to define the procedures and technical aspects to comply with what is established in this Regulation, being required to inform the President of the BCB about them.

SINGLE TRANSITIONAL PROVISION
Trading companies that have accumulated balances for the issuance of CEO and/or with pending final settlement gold sale commitments will maintain the initially agreed conditions until the expiration of the established deadlines. Unsolicited balances will be automatically deducted.

Methodology for the calculation of BCB gold purchases a) Fine Weight Fine Weight (OTF) = Net Weight (OTF) after smelting x Gold Purity (%) b) Purchase Price (Bs/OTF) The BCB will pay in bolivianos for the acquired gold the following price:
Price = p X XAU x TCO

• p: fixed factor of 0.988, which considers an estimate of refining costs and royalties.
• XAU: International USD/OTF quotation published by the BCB on the day of the operation.
• TCO: Official Exchange Rate of the day of the operation, according to Art. 5 of the Foreign Exchange Operations Regulation approved by B.R. No. 88/2026 of June 26, 2026.
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