Board Resolution No. 095/2025: Modification of the Regulation on Gold Purchases in the Internal Market

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D I R E C T O R I O

BOARD RESOLUTION NO. 095/2025

SUBJECT: INTERNATIONAL OPERATIONS DEPARTMENT – MODIFY THE REGULATION ON GOLD PURCHASES 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 Gold Purchases 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-2025-91 of July 25, 2025, issued by the International Operations Department (GOI).

Report BCB-GAL-SANO-DLBCI-INF-2025-247 of July 25, 2025, issued by the Legal Affairs Department (GAL).

CONSIDERING:

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

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//2. B.R. No. 095/2025

Central Bank of Bolivia 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 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 normative 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 is physical gold.

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 norms of general application, and internal rules.

That subsections a), c), and o) of Article 54 of Law No. 1670 indicate the following as attributes of the Board of Directors: Issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; monitor the execution of monetary, exchange, credit, financial intermediation, and international reserve 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. 095/2025

any additional administrative act.

That Article 1 of Law No. 1503 has the object of authorizing 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 the following are within the scope of application of the Law: individual and legal persons, public and private, legally established, registered, and authorized by competent entities, that participate in the commercialization of gold.

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 base 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 set 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 numerales 1) and 3) of Article 5 of the BCB Statute provide that its Board of Directors has normative competence to issue specialized norms 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 purpose.

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//4. B.R. No. 095/2025

That Articles 6 and numerales 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 norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law; approve the policy and norms for the administration of International Reserves; monitor their execution; 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 an additional administrative act.

That Paragraph I of Article 24 of the aforementioned BCB Statute provides that Resolutions and decisions of the Board of Directors are adopted by a simple majority of votes of its members present at 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 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 Department or Departments to which the matter subject to the Resolution corresponds, and by a report from the Legal Affairs Department. These reports must be submitted to the Board of Directors by the General Management with its recommendation.

That Articles 2 and 3 of the Regulation on Gold Purchases in the Internal Market Destined to Strengthen International Reserves, under Law No. 1503 of May 5, 2023, provide that their scope of application includes all individual and legal persons legally established, registered, and authorized by competent entities that voluntarily participate in the commercialization 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 commercialize gold with the BCB.

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//5. B.R. No. 095/2025

That the report from the International Operations Department BCB-GOI-SRES-DOI-INF-2025-91 concludes that it is necessary to modify the Regulation on Gold Purchases 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 this proposal is technically viable, therefore recommending to the BCB Board of Directors its modification.

That the report from the Legal Affairs Department BCB-GAL-SANO-DLBCI-INF-2025-247 concludes that the proposal of the International Operations Department to modify the Regulation on gold purchases in the internal market destined to strengthen International Reserves, under Law No. 1503 of May 5, 2023, is technically justified, and as it does not contravene the current legal framework, it is legally viable, therefore recommending to the BCB Board of Directors its approval.

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

Article 1.- Modify Annex I of the Regulation on Gold Purchases 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 forms an integral part of this Resolution as an Annex.

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

Article 3.- The Presidency and General Management are charged with the compliance of this Resolution.

La Paz, July 25, 2025

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

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//6. B.R. No. 095/2025

ANNEX I - Calculation Methodology

1. Calculation Methodology for BCB Gold Purchases

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

b) Purchase Price (USD/TOZ) Purchase Price $\left(\frac{USD}{TOZ}\right)$ = International Market Quotation $\left(\frac{USD}{TOZ}\right)$ $\times$ [1 + % premium or discount]

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

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

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//7. B.R. No. 095/2025

2. Percentage of Premium per Operation

Range by quantity of gold grams	% Premium*
Lower	Upper
1,000	3,000
3,001	15,000
15,001	40,000
40,001	50,000
50,001	100,000
100,001	200,000
200,001	Onwards

*Applicable to the amount of fine gold

3. Percentage of Premium 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 amount effectively delivered to the BCB, according to the range established in the Table in point 2 "Percentage of premium 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 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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//8. B.R. No. 095/2025

4. Request 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 for 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 amount of gold declared in the CEO is equal to or greater than 40,001 grams of fine gold, they may submit a commitment note in accordance with Annex IV, as applicable.

The corresponding premium is only applicable up to the amount 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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