Board Resolution No. 132/2025

[Logo: Bicentenario de Bolivia] [Logo: Banco Central de Bolivia] [Logo: Estado Plurinacional de Bolivia]

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 132/2025

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, Law on the Purchase of Gold Destined to Strengthen International Reserves.

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

The Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves within the framework of Law No. 1503 of May 5, 2023, approved by Board Resolution No. 066/2024 of May 28, 2024 and its modifications.

The report BCB-GOI-SRES-DOI-INF-2025-130 of October 15, 2025, issued by the International Operations Management (GOI).

The report BCB-GAL-SANO-DLBCI-INF-2025-357 of October 15, 2025, issued by the Legal Affairs Management (GAL).

CONSIDERING:

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

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

That Paragraph I of Article 349 of the Political Constitution of the State provides that natural resources are the direct, indivisible, and imprescriptible property and domain of the Bolivian people, and their administration will correspond to the State based on the collective interest.

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 its 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 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 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 may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by

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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 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, who participate in the marketing of gold, are within the scope of application of the Law.

That Article 4 of Law No. 1503 provides that the BCB, for the purchase of gold in the internal market, 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, which is sufficient for the development of its functions, without requiring further provisions from said law.

That numerals 1) and 3) of Article 5 of the BCB Statute provide that its Board of Directors

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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 purpose.

That Article 6 and numerals 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 may be 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, as well as 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 at the 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, every 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 submitted 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, within the framework of 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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That subsection w) of Article 4 of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, defines that the percentage of premium or discount is the percentage calculated by the BCB to discount or provide an incentive on the international price based on the quantity of gold offered by the seller.

That Articles 2 and 3 of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, provide that their 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.

That Article 6 of the aforementioned Regulation states that the purchase price is the product of the premium or discount applied to the International Market Quotation as established in Annex I.

That the report from the International Operations Management BCB-GOI-SRES-DOI-INF-2025-130 concludes that it is necessary to modify the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves, within the framework of Law No. 1503 of May 5, 2023, in order to adapt it to the Guidelines for Monetary Regulation Operations, approved by the BCB Board of Directors for the fourth quarter of the 2025 management period, stating that the proposal is considered technically viable, and therefore recommends the BCB Board of Directors to approve it.

That the report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2025-357 concludes that the proposal of the International Operations Management expressed through report BCB-GOI-SRES-DOI-INF-2025-130, is legally viable and falls within the attributes of the BCB, as it does not contravene the current legal framework; being viable for approval by the BCB Board of Directors.

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

Article 1.- Modify Annexes I, III, and IV of the Regulation on the Purchase of Gold in the Internal Market Destined to Strengthen International Reserves within the framework of 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 2.- Gold sales commitments assumed prior to the publication of this Resolution will remain valid until their fulfillment, in accordance with the established conditions.

Article 3.- This Resolution will enter into force from its publication.

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

La Paz, October 16, 2025

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

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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 $\left(\frac{USD}{TOZ}\right)$ × [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) × Purchase Price $\left(\frac{Bs}{g}\right)$

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2. Premium Percentage per Operation

Range by quantity of gold grams	% Premium*
Lower	Upper
1,000	5,000	0.00%
5,001	20,000	6.00%
20,001	50,000	10.00%
50,001	75,000	12.00%
75,001	100,000	14.00%
100,001	Thereafter	16.00%

*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 50,001 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 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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4. Request for Exchange of CEO

In the event that the 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 quantity of gold declared in the CEO is equal to or greater than 50,001 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 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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Annex III - Gold Sale Request Form (Public and Private Legal Entities)

CENTRAL BANK OF BOLIVIA	CODE:
GOLD SELLERS SALE REQUEST FORM TO THE BCB	DATE:

BEFORE COMPLETING THE FOLLOWING DATA ON THE FORM, READ THIS INFORMATION CAREFULLY: The gold seller is obligated to present, when the BCB so requires, the original documents and necessary certifications that support the information recorded in this form. In the case of trading companies, they must present information and/or documentation supporting the origin of the gold to be sold to the BCB and that it comes from cooperatives or individuals. The information provided in this form will be considered strictly confidential.

1.- BASIC INFORMATION
GOLD SELLER CODE NUMBER (ASSIGNED BY THE BCB)
NAME OR BUSINESS NAME OF THE GOLD SELLER
MINING IDENTIFICATION NUMBER (NIM) ISSUED BY SENARECOM
NAME AND SURNAME OF THE LEGAL REPRESENTATIVE OF THE SELLER OR THE AUTHORIZED PERSON WHO WILL CARRY OUT THE SALE OF GOLD TO THE BCB
ID NUMBER OF THE LEGAL REPRESENTATIVE OF THE SELLER OR THE AUTHORIZED PERSON WHO WILL CARRY OUT THE SALE OF GOLD TO THE BCB
ID NUMBER OF THE LEGAL REPRESENTATIVE OF THE SELLER OR THE AUTHORIZED PERSON WHO WILL CARRY OUT THE SALE OF GOLD TO THE BCB

2.- TECHNICAL INFORMATION OF THE GOLD TO BE SOLD TO THE BCB
PHYSICAL STATE OF THE GOLD TO BE SOLD
WEIGHT IN GRAMS
NAME OF THE MINING AREAS FROM WHICH THE GOLD ORIGINATES
DEPARTMENTS
PROVINCES
MUNICIPALITIES
LOCALITY
DATE FOR THE SALE OF GOLD TO THE BCB
METHOD OF PAYMENT BY WHICH THE GOLD WAS ACQUIRED	[ ] Cash [ ] Check [ ] Bank Transfer

3.- REQUIRED DOCUMENTS
1.- COPY OF THE MINING PATENT PAYMENT CERTIFICATE OR MINING CONTRACT (IF APPLICABLE).	[ ]
2.- COPY OF THE ID CARD OF THE REPRESENTATIVE OF THE SELLER WHO WILL CARRY OUT THE SALE OF GOLD TO THE BCB.	[ ]
3.- COPY OF THE NOTE REQUESTING THE GOLD SALE COMMITMENT (IN CASE OF HAVING A COMMITMENT).	[ ]
4.- COPY OF CERTIFICATE/S OF SWORN DECLARATION ISSUED BY SENARECOM "CERTIFICATE OF SWORN DECL. - INTERNAL MARKET FORM M-02 CONSOLIDATED".	[ ]
5.- COPY OF FORM M-02/S ISSUED BY SENARECOM ("FORM M-02 CONSOLIDATED" AND "MINERALS AND METALS PURCHASE RECORD - FORM M-02") FOR GOLD PURCHASES MADE (DOES NOT APPLY TO COOPERATIVES).	[ ]
6.- COPY OF "LIQUIDATION SHEET OF GOLD ORE MARKETING INTERNAL MARKET" SIGNED BETWEEN THE BUYER AND THE SELLER.	[ ]

4.- CERTIFICATION
I certify that the information indicated above is correct and true, therefore it may be considered for all legal effects.

[Signature of Declarant] [Approved by:] [Date]

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ANNEX IV

A: Format of Gold Sale Commitment Note

La Paz, ...........................................................

Sir

...........................

General Manager

Central Bank of Bolivia

Present.

I have the honor to state:

I .................... representative of the company .................... commit to selling gold to the Central Bank of Bolivia, in a quantity equal to or greater than 50,001 grams of fine gold in ....... (...) business days between the .......... and the ...... of ..... of..... in accordance with the modality of subsection a) established in Annex I, numeral 3.

Sincerely.

...........................................................

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ANNEX IV

B: Format of Gold Sale Commitment Note

La Paz, ...........................................................

Sir

...........................

General Manager

Central Bank of Bolivia

Present.

I have the honor to state:

I .................... representative of the company .................... commit to selling gold to the Central Bank of Bolivia, in a quantity equal to or greater than 50,001 grams of fine gold in ....... (...) business days between the .......... and the ...... of ..... of..... in accordance with the modality of subsection b) established in Annex I, numeral 3.

Sincerely.

...........................................................

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