Board Resolution No. 103/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 103/2026
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVE THE EXIT FROM THE NATIONAL CUSTOMS TERRITORY OF GOLD ACQUIRED IN THE DOMESTIC MARKET

HAVING 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 Intended for the Strengthening of International Reserves.
Supreme Decree No. 25870 of August 11, 2000, which approves the Regulation to the General Customs Law and its modifications.
The Regulation for the Administration of International Reserves approved by Board Resolution No. 66/2026 of May 20, 2026.
The Regulation on the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota approved by Board Resolution No. 91/2026 of June 29, 2026.
The Statute of the BCB approved via Board Resolution No. 85/2026 of June 23, 2026.
The report BCB-GOI-SRES-DNI-INF-2026-30 of July 6, 2026, issued by the International Operations Management (GOI).
The report BCB-GAL-SANO-DLBCI-INF-2026-180 of July 6, 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. In numeral 5, 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 the International Reserves.

That Law No. 1670 in its articles 14 and 15 establishes that the BCB will ensure the strengthening of the 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 buy foreign exchange hedging instruments with the objective of reducing risks. The 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, the aforementioned Law 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), and q), it establishes that the Board of Directors 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 and those 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 for the strengthening of the International Reserves and to carry out financial operations with the International Reserves in gold in international markets. In paragraph 1 of its article 7, it states that once the gold purchase process is concluded and total settlement has been made in the domestic market, the BCB may refine the gold abroad to obtain London Good Delivery bars and, in accordance with regulations, regulate the exit from the national customs territory. Likewise, in paragraph 1 of article 9, it establishes that the BCB will carry out operations in international markets with the Gold Reserves, being able to buy, invest, deposit in custody, use in hedging instruments, transform, and convert them into foreign currency, in order to optimize the liquidity and/or return of the International 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 empowered to apply what is provided in Law No. 1670, being this sufficient for the development of its functions, without requiring further provisions beyond that law.

That the Regulation to the General Customs Law in its article 185 determines that the exit from the national customs territory of the International Reserves, composed of convertible currencies and gold, by virtue of operations carried out by the BCB with international financial organizations and other foreign institutions, derived from its central banking functions or carried out to facilitate payment and credit operations, must be carried out in accordance with applicable legal provisions and prior presentation of the Resolution of the Ministry of Finance (currently the Ministry of Economy and Public Finance), which authorizes such operation.

That the Regulation for the Administration of International Reserves in paragraph 111 of its article 10 establishes that the exit from the national customs territory of gold purchased in the domestic market to carry out refining and/or investment operations, will be approved by Board Resolution.

That the Regulation on the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota, in paragraphs 1 and 11 of its article 11, provides that the exit of gold from the national customs territory for refining purposes abroad will be approved by the Board of Directors of the BCB, that the GOI will process the Ministerial Resolution that authorizes the exit of gold from the national customs territory before the Ministry of Economy and Public Finance.

That the Statute of the BCB in numerals 1), 5), and 51) of its article 11 provides that the Board of Directors 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, approve the policy and regulations for the administration of International Reserves, and other attributions that may be necessary for the fulfillment of its functions.

CONSIDERING:
That through report BCB-GOI-SRES-DNI-INF-2026-30, the GOI concludes that, with the objective of optimizing the structure and composition of the Gold Reserves, it corresponds to refine 6.73 tonnes of gold contained in 709 bars that remain in the BCB's vaults, to obtain London Good Delivery Bars that will be deposited in the BCB's metals account in London; therefore, it recommends submitting to the consideration of the BCB Board of Directors the approval of the exit from the national customs territory of said gold, in accordance with the schedule of eight (8) shipments of gold bars and one (1) shipment of samples until December 31, 2026, subject to operational availability and market conditions; authorize the investment operations of the gold resulting from the aforementioned operation and instruct the International Operations Management to process before the Ministry of Economy and Public Finance the Ministerial Resolution that authorizes the exit of gold from the national customs territory.

That through report BCB-GAL-SANO-DLBCI-INF-2026-180, the GAL concludes that the approval of the exit from the national customs territory of the gold bars acquired in the domestic market, for refining purposes to obtain London Good Delivery Bars and their subsequent deposit in the BCB's metals account in London, is legally viable, as it falls within the applicable regulations and the functions of the BCB; therefore, it corresponds to the BCB Board of Directors to consider its approval, in accordance with what is established in articles 44 and 54 subsections a), c), and q) of Law No. 1670, and numerals 1), 5), and 51) of article 11 of the BCB Statute.

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

Article 1.- Approve the exit from the national customs territory, for refining purposes abroad, of 6.73 tonnes of fine gold contained in 709 bars, in accordance with the schedule of 8 shipments of approximately 0.84 tonnes of fine gold each and one bag corresponding to gold samples in the form of shavings, to be executed until December 31, 2026, subject to operational availability and market conditions.

Article 2.- Authorize the International Operations Management to carry out financial operations with the gold resulting from the aforementioned operation, such as investments, deposits, or conversions to foreign currency, in accordance with the Regulation for the Administration of International Reserves.

Article 3.- In accordance with paragraph 11 of article 11 of the Regulation on the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Gold Export Quota, the International Operations Management will process before the Ministry of Economy and Public Finance the Ministerial Resolution that authorizes the exit of gold from the national customs territory.

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

La Paz, July 7, 2026
SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayaía, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.