Board Resolution No. 121/2026: Approval for Export of Domestically Acquired Gold for International Operations

BOARD
BOARD RESOLUTION N° 121/2026
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVE THE EXIT OF GOLD ACQUIRED IN THE DOMESTIC MARKET FROM THE NATIONAL CUSTOMS TERRITORY HAVING SEEN:
The Political Constitution of the State of February 7, 2009.
Law N° 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its amendments.
Law N° 1503 of May 5, 2023, on the Purchase of Gold Intended for the Strengthening of International Reserves.
Supreme Decree N° 25870 of August 11, 2000, which approves the Regulations to the General Customs Law and its amendments.
The Regulations for the Administration of International Reserves approved by Board Resolution N° 66/2026 of May 20, 2026.
The Regulations for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota approved by Board Resolution N° 91/2026 of June 29, 2026.
The BCB Statute approved by Board Resolution N° 85/2026 of June 23, 2026.
Report BCB-GOI-SRES-DNI-INF-2026-36 of August 14, 2026, issued by the International Operations Management (GOI).
Report BCB-GAL-SANO-DLBCI-INF-2026-212 of August 14, 2026, issued by the Legal Affairs Management (GAL).
WHEREAS:
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 Body, has the attribution to administer International Reserves.
That Law N° 1670 in its articles 14 and 15 establishes that the BCB will ensure the strengthening of International Reserves so that they allow the normal functioning of Bolivia's international payments and that said reserves are constituted by one or more of the assets, among which is physical gold.

BOARD
//2. B.R.N° 121/2026
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 deems most appropriate for the fulfillment of its object and its functions and for their adequate safekeeping and security. It may also purchase exchange rate hedging instruments in order to reduce risks. International Reserves are unseizable and may not 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 and is responsible for defining its policies, specialized general application regulations and internal rules. In its article 54, subsections a), c) and q) it establishes that the Board has the attributions to issue the rules and adopt the general decisions that are necessary for the BCB to fulfill the functions, competencies and powers assigned to it by Law; to monitor the execution of monetary, exchange, credit, financial intermediation, international reserves administration policies and regulations and others that correspond to the BCB in accordance with this Law and those that are necessary for the fulfillment of its functions. That Law N° 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 International Reserves and to carry out financial operations with International Gold Reserves in international markets. In paragraph I of its article 7, it states that once the gold purchase process is concluded and total liquidation in the domestic market has been carried out, the BCB may refine the gold abroad to obtain good delivery bar quality and, in accordance with regulations, will regulate the exit from the national customs territory. Likewise, in paragraph I of its article 9, it establishes 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 currency, in order to optimize the liquidity and/or yield of International Reserves. That the sole final provision of Law N° 1503 determines that within the framework of articles 327 and 328 of the Political Constitution of the State, the BCB, with the objective of fulfilling its constitutional mandate, is empowered to apply the provisions of Law N° 1670, this being sufficient for the development of its functions, without requiring further provisions than said law. That the Regulations to the General Customs Law, in its article 185 determines that the exit from the national customs territory of International Reserves, made up 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 upon presentation of the Resolution of the Ministry of Finance, now the Ministry of Economy and Public Finance, authorizing such operation.

BOARD
//3. B.R.N° 121/2026
That the Regulations for the Administration of International Reserves in paragraph III 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 Regulations for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota, in paragraphs I and II of its article 11, provides that the exit of gold from the national customs territory for refining purposes abroad will be approved by the BCB Board and that the GOI will process the Ministerial Resolution authorizing the exit of gold from the national customs territory before the Ministry of Economy and Public Finance. That the BCB Statute in numerals 1), 5) and 51) in its article 11 provides that the Board has the attributions 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 Law, approve the policy and rules for the administration of International Reserves and other attributions that are necessary for the fulfillment of its functions. WHEREAS:
That by report BCB-GOI-SRES-DNI-INF-2026-36, the GOI concludes that as of August 13, 2026, Gold Reserves amount to 24.19 tons, of which 8.37 tons of fine gold remain in BCB vaults and that with the objective of improving yields and optimizing the structure and composition of Gold Reserves, it is appropriate to carry out investment operations with the 889 bars and one bag containing gold in the form of shavings, to obtain Good Delivery Bars, which will be deposited in the BCB's metals account in London. To gradually incorporate said gold into the BCB's metals account, it is proposed to make ten (10) shipments of gold bars and one (1) shipment of a bag containing gold in the form of shavings, destined for the United Arab Emirates to carry out investment operations. Once the Good Delivery Bars are obtained, the GOI may carry out financial operations with the Gold Reserves, contributing to improving the liquidity and yield of International Reserves. Likewise, the GOI must process before the MEFP the Ministerial Resolution authorizing the exit of gold from the national customs territory,

BOARD
//4. B.R. N° 121/2026 in accordance with article 11 of the Regulations for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota of Gold.
That likewise, the aforementioned Report indicates that Board Resolution N° 103/2026 of July 7, 2026, should be rendered ineffective, due to the need for adjustments that specify the destination of the metal and increase the authorized volume of exit, motivated by the current accumulation of physical gold reserves in BCB vaults.
That by report BCB-GAL-SANO-DLBCI-INF-2026-212, the GAL concludes that the approval of the exit from the national customs territory of gold bars acquired in the domestic market destined for the United Arab Emirates, to carry out investment operations, by being framed in the applicable regulations and in the functions of the BCB for the Administration of International Reserves and the Framework Agreement for the Sale and Purchase of Precious Metals signed between the BCB and STONEX; is legally appropriate and viable, for which reason its approval by the BCB Board is in accordance with the provisions of articles 44 and 54 subsections a), c) and q) of Law N° 1670, and numerals 1), 5) and 51) of article 11 of the BCB Statute. THEREFORE, THE BOARD OF THE CENTRAL BANK OF BOLIVIA RESOLVES;
Article 1.- To approve the exit from the national customs territory of up to 8.96 tons of gold, contained in 889 bars and one bag containing gold in the form of shavings, acquired in the domestic market, destined for the United Arab Emirates to carry out investment operations, from which an estimated 8.37 tons of fine gold will be obtained, in accordance with the programming of 10 shipments of up to 1 ton of gold each and 1 shipment of a bag containing gold in the form of shavings, to be executed until December 31, 2026, subject to operational availability and market conditions.
Article 2.- To authorize the investment of the gold resulting from the operations described in the preceding article, in accordance with the provisions of the Regulations for the Administration of International Reserves.
Article 3.- In accordance with paragraph II of article 11 of the Regulations for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves and Export Quota of Gold, the International Operations Management will process before the Ministry of Economy and Public Finance the Ministerial Resolution authorizing the exit of gold from the national customs territory.

BOARD
//5.B.R.N° 121/2026
Article 4.- To render ineffective Board Resolution N° 103/2026 of July 7, 2026.
Article 5.- This Resolution shall enter into force upon its approval.
Article 6.- The Presidency and the General Management are in charge of the fulfillment of this Resolution.
La Paz, August 18, 2026
SIGNED. DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.