BOARD OF DIRECTORS

BOARD RESOLUTION NO. 134/2025

SUBJECT: INTERNATIONAL OPERATIONS DEPARTMENT – APPROVE THE ENTRY INTO THE NATIONAL CUSTOMS TERRITORY OF GOLD ACQUIRED IN THE DOMESTIC MARKET.

VIEWING:

• 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 Strengthening International Reserves.
• The Regulation for the Entry and Exit of Monetary Material and International Reserves carried out by the Central Bank of Bolivia, approved via Resolution No. RD 01-018-25 of February 25, 2025 by the National Customs.
• The Statute of the BCB approved via Board Resolution No. 095/2022 of October 6, 2022.
• Board Resolution No. 111/2025 of September 9, 2025 issued by the BCB.
• Report BCB-GOI-SRES-DNI-INF-2025-87 of October 21, 2025, issued by the International Operations Department (GOI).
• Report BCB-GAL-SANO-DLBCI-INF-2025-363 of October 21, 2025, issued by the Legal Affairs Department (GAL).

CONSIDERING:

That Article 1 of Law No. 1670, modified by Article 64, subsection A3, numeral 1) of Law No. 1864 of June 15, 1998 on Popular Property and Credit, establishes that the BCB is a state institution, of public law, autonomous in 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 regulatory powers of general application.

That Article 14 of Law No. 1670 establishes that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments.

That Article 15 of Law No. 1670 provides that the BCB's International Reserves consist, among other things, of 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; as well as establishing administrative, operational, and financial strategies for the BCB, approving their respective short- and medium-term programs. For the monitoring and oversight of their execution, it will have access to independent information, analysis, and audit services.

That subsections a) and c) of Article 54 of Law No. 1670 indicate the following attributions of the Board of Directors: Issue regulations and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, and carry out monitoring of the execution of monetary, exchange, credit, financial intermediation, international reserve administration, and other policies and regulations corresponding to the BCB in accordance with Law No. 1670.

That Article 1 of Law No. 1503 aims 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 Reserves in gold in international markets.

That Paragraph I of Article 7 of Law No. 1503 provides 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 the quality of Good Delivery bars and, in accordance with regulations, regulate the exit from the national customs territory.

That Paragraph I of Article 9 of the aforementioned Law No. 1503 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 return of International Reserves.

That Articles 21 and 24 of the Regulation for the Entry and Exit of Monetary Material and International Reserves carried out by the Central Bank of Bolivia establish the requirements for the entry of International Reserves and the presentation of documents for this effect.

That numerales 1) and 3) of Article 5 of the BCB Statute provide that its Board of Directors has regulatory competence to issue specialized regulations 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 numerales 1) and 6) of Article 10 of the BCB Statute provide that the Board of Directors has the attributions to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, and to approve the policy and regulations for the administration of International Reserves, as well as to monitor their execution.

That Paragraph I of Article 24 of said norm provides that 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 BCB Statute stipulates that the Board of Directors rules 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 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 sent to the Board of Directors by the General Management with its recommendation.

That Board Resolution No. 111/2025 of September 9, 2025 approves the exit from the national customs territory of 96 gold bars acquired in the domestic market with an approximate weight of 0.99 tons, of which an estimated 0.93 tons are fine gold, destined for Turkey for refining purposes.

That via Ministerial Resolution No. 365 of September 23, 2025, issued by the Ministry of Economy and Public Finance, it is resolved: "First. Authorize the Central Bank of Bolivia – BCB the exit from the national customs territory of the International Reserves consisting of Ninety-Six (96) gold bars with an approximate weight of 0.99 tons, acquired in the domestic market, destined for Turkey, for refining purposes abroad and investment operations in accordance with the conditions established by the BCB in Board Resolution No. 111/2025 of September 9, 2025. Second. The Central Bank of Bolivia, through the Executive President and its Board of Directors, are responsible for taking the necessary precautions in accordance with the Law, in the signing of contracts and pertinent documents for the negotiation, security, guarantee, and all operations related to the exit, transfer, refining, and investment of gold abroad. Third. Since this is a special operation, it is not subject to the presentation of the export merchandise declaration, and the National Customs must facilitate the operations referred to in the preceding numerales of this Ministerial Resolution."

That report BCB-GOI-SRES-DNI-INF-2025-87 concludes that it is advisable to carry out the procedures for the return and import of gold from the Mint in Turkey to Bolivia, recommending that the BCB Board of Directors approve the entry into the national customs territory in Bolivia of 96 gold bars acquired in the domestic market with a weight of 998,323.00 grams net (approximate 0.99 tons), of which 933,012.91 grams are fine gold (approximate 0.93 tons of fine gold) destined for Bolivia, and that Board Resolution No. 111/2025 of September 9, 2025 be left without effect.

That report BCB-GAL-SANO-DLBCI-INF-2025-363 concludes on the viability of approving the entry into the national customs territory of 96 gold bars acquired in the domestic market with a weight of 998,323.00 grams net (approximate 0.99 tons), of which 933,012.91 grams are fine gold (approximate 0.93 tons of fine gold) destined for Bolivia, being legally procedent and viable for approval by the BCB Board of Directors as it does not contravene any legal provision and falls within its attributions.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the entry into the national customs territory of 96 gold bars acquired in the domestic market with an approximate weight of 0.99 tons, of which it is estimated that 0.93 tons are fine gold, destined for Bolivia.

Article 2.- The International Operations Department will process the Ministerial Resolution that authorizes the entry of the gold into the national customs territory before the Ministry of Economy and Public Finance.

Article 3.- Once the corresponding Ministerial Resolution is issued, in accordance with Article 2 of this determination, Board Resolution No. 111/2025 of September 9, 2025 is hereby left without effect.

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

La Paz, October 21, 2025

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

"2025 BICENTENNIAL OF BOLIVIA"