Regulatory Alerts2025-11-04 | RESOLUCIÓN DE DIRECTORIO N° 138/2025Added · Updated
Board Resolution No. 138/2025
The Board of Directors of the Central Bank of Bolivia amends Resolution No. 134/2025 by repealing Article 2, which previously required a ministerial resolution for the entry of gold into Bolivian territory. This change removes the obligation for the International Operations Management to obtain a ministerial authorization for gold imports, aligning the procedure with the Ministry of Economy and Public Finance's clarification that such authorization is only required for gold exports. Additionally, Resolution No. 111/2025 is repealed once the gold has entered the national territory, while Article 1 of Resolution No. 134/2025 remains in force to govern the gold's entry.
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D I R E C T O R I O
BOARD RESOLUTION NO. 138/2025
SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – MODIFY BOARD RESOLUTION NO. 134/2025.
VIEWED:
Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
The Regulation for the Entry and Exit of Monetary Material and International Reserves carried out by the Central Bank of Bolivia, approved by Resolution No. RD 01-018-25 of February 25, 2025 of the National Customs and its modification.
The Statute of the BCB approved by Board Resolution No. 095/2022 of October 6, 2022.
Board Resolution No. 111/2025 of September 9, 2025 issued by the BCB.
Board Resolution No. 134 of October 21, 2025 issued by the BCB.
Note MEFP/VPT/DGAAIDC/UAD/No. 307/2025 of October 30, 2025 issued by the Ministry of Economy and Public Finance (MEFP).
Report BCB-GOI-SRES-DNI-INF-2025-91 of November 4, 2025, issued by the International Operations Management (GOI) and the Legal Affairs Management (GAL).
CONSIDERING:
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 of the BCB, approving their respective short and medium-term programs. For the monitoring and oversight of their execution, it will have information,
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analysis and independent audit services.
That subsections a) and c) of Article 54 of Law No. 1670 indicate the following attributions of the Board of Directors: Issue the norms and adopt the general decisions that would be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law and carry out the monitoring of the execution of monetary, exchange, credit, financial intermediation, international reserves administration policies and regulations, and others that correspond to the BCB in accordance with Law No. 1670.
That Article 24 of the Regulation for the Entry and Exit of Monetary Material and International Reserves carried out by the Central Bank of Bolivia and its modification, establishes that when International Reserves return/enter national territory, the record of Form R-575 must be presented, for the return/entry of the International Reserves duly signed by the personnel accredited by the BCB and the accreditation note of the transport company and/or the official(s) of the BCB personnel responsible for the operation of return of International Reserves, to the national territory with a valid date.
That subsections 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 object.
That subsections 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 the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law and approve the policy and norms for the administration of International Reserves, as well as carry out the monitoring of their execution.
That Paragraph I of Article 24 of said norm provides that the Resolutions and decisions of the Board of Directors are adopted by simple majority of votes of its members present in a meeting, except in cases where Law No. 1670 or the BCB Statute require qualified majorities.
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That Article 26 of the BCB 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 which the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. 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 approved the exit from the national customs territory of 96 gold bars acquired in the internal market with an approximate weight of 0.99 tons, of which an estimated 0.93 tons of fine gold, destined for Turkey for refining purposes.
That Board Resolution No. 134/2025 of October 21, 2025 approved the entry into the national customs territory of 96 gold bars acquired in the internal market with an approximate weight of 0.99 tons, of which an estimated 0.93 tons of fine gold.
Note MEFP/VPT/DGAAIDC/UAD/No. 307/2025 of October 30, 2025 issued by the Ministry of Economy and Public Finance (MEFP), communicated to the Issuing Entity that it issues a Ministerial Resolution only to authorize the exit from the national customs territory of International Reserves, and not for the entry of gold.
That report BCB-GOI-SRES-DNI-INF-2025-91 concludes that there is technical and legal feasibility for the Board of Directors of the BCB to approve the modification of Board Resolution No. 134/2025 of October 21, 2025, leaving Article 2 without effect regarding the processing of the Ministerial Resolution for the entry of gold into Bolivian territory by the International Operations Management, as it does not contravene any legal provision and falls within the attributions of the BCB; recommending to the Board of Directors of the BCB its approval.
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THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Leave without effect Article 2 of Board Resolution No. 134/2025 of October 21, 2025.
Article 2.- Once the gold has entered the national territory, in accordance with Article 1 of Board Resolution No. 134/2025 of October 21, 2025, Board Resolution No. 111/2025 of September 9, 2025 is left without effect.
Article 3.- Maintain firm and subsistent Article 1 of Board Resolution No. 134/2025 of October 21, 2025.
Article 4.- The International Operations Management will carry out all necessary actions for the entry of gold into the national customs territory.
Article 5.- The General Management is in charge of the execution and compliance of this Resolution.
La Paz, November 5, 2025
SIGNED. ROGER EDWIN ROJAS ULO, Gumercindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.
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