BOARD OF DIRECTORS

BOARD RESOLUTION NO. 170/2023

SUBJECT: ECONOMIC POLICY ADVISORY – DEFINING THE GOLD EXPORT QUOTA FOR THE 2024 MANAGEMENT PERIOD.

VISTOS (VIEWED):

• 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, Law on the Purchase of Gold Destined to Strengthen International Reserves.
• Supreme Decree No. 5076 dated November 30, 2023.
• The BCB Statute, approved via Board Resolution No. 95/2022 of October 6, 2022.
• Board Resolution No. 156/2023 dated November 30, 2023.
• The Report from the Economic Policy Advisory BCB-APEC-SEXT-INF-2023-51 of December 28, 2023.
• The Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2023-452 of December 28, 2023.

CONSIDERING:

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

---

//2. B.R. No. 170/2023

That numeral 5 of Paragraph I of Article 328 of the Political Constitution of the State establishes that it is an 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 of direct, indivisible, and imprescriptible ownership and domain of the Bolivian people, and their administration shall correspond to the State based on the collective interest.

That Article 1 of Law No. 1670 establishes that the Central Bank of Bolivia is a State institution, of public law, autonomous in 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 Article 14 of Law No. 1670 states that the BCB shall ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments.

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 designate as attributes of the Board of Directors the following: To issue regulations and adopt general decisions necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to monitor the execution of monetary, exchange, credit, financial intermediation, and international reserve administration policies and regulations; and to approve, modify, and interpret the BCB Statute and Regulations, by two-thirds of the votes of all its members, without the need for any additional administrative act.

---

//3. B.R. No. 170/2023

That Paragraph III of Article 9 of Law No. 1503 establishes that the Central Bank of Bolivia will take the necessary actions for the replenishment of international reserves, based on market conditions and the liquidity of foreign exchange in the International Reserves.

That the 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 authorized 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 Paragraph II of Article 2 of Supreme Decree No. 5076 provides that the BCB, through specific regulation issued by its Board of Directors, will define the quota that will be exported periodically and the requirements for the issuance of the Gold Export Certificate, prior to verification of the quantity required for the replenishment of gold reserves.

That Article 3 of the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate, approved by Board Resolution No. 156/2023, states that the Economic Policy Advisory will recommend to the BCB Board of Directors the quantity of gold that will be authorized for periodic export according to the Monetary Program. The Board of Directors will define the quota via Board Resolution.

That numeral 1) of Article 10 of the BCB Statute provides that the Board of Directors has the faculty to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law.

That Article 26 of the Statute stipulates that the Board of Directors pronounces itself on matters within its competence via Resolutions. It may also do so via decisions that will be expressly recorded in the Minutes. Furthermore, every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to whom the subject matter of 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.

---

//4. B.R. No. 170/2023

That the Report from the Economic Policy Advisory BCB-APEC-SEXT-INF-2023-51 recommends to the BCB Board of Directors to authorize an export quota of at least 20 tons according to the Monetary Program.

That the Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2023-452 concludes that the export quota recommended by the Economic Policy Advisory is within the framework of Supreme Decree No. 5076 and the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate, insofar as it does not contravene the current legal order; consequently, it recommends the approval of the BCB Board of Directors.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Define the export quota of at least 20 tons of gold for the 2024 management period.

Article 2.- This Resolution shall enter into force starting January 1, 2024.

Article 3.- The Presidency and General Management are charged with the compliance of this Resolution.

La Paz, December 28, 2023

SIGNED: ROGER EDWIN ROJAS ULO, Oscar Ferrufino Morro, Gabriel Herbas Camacho, Gumercindo Héctor Pino Guzmán, Diego Alejandro Pérez Cueto Eulert.