BOARD OF DIRECTORS

BOARD RESOLUTION NO. 175/2025

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVAL OF THE EXIT OF GOLD ACQUIRED IN THE DOMESTIC MARKET FROM THE NATIONAL CUSTOMS TERRITORY

VIEWED:

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of the Central Bank of Bolivia (BCB) of October 31, 1995, and its modifications.
• Law No. 1503 on the Purchase of Gold Intended for the Strengthening of International Reserves of May 5, 2023.
• Supreme Decree No. 25870 of August 11, 2000, which approves the Regulation to the General Customs Law and its modifications.
• The Statute of the BCB approved through Board Resolution No. 095/2022 of October 6, 2022.
• The Regulation of the International Reserves Committee approved through Board Resolution No. 017/2023 of January 25, 2023.
• The Regulation for the Administration of International Reserves approved by Board Resolution No. 071/2023 of May 9, 2023, and its modifications.
• The Regulation for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves, within the framework of Law No. 1503 of May 5, 2023, approved by Board Resolution No. 66/2024 of May 28, 2024, and its modifications.
• The report BCB-GOI-SRES-DNI-INF-2025-95 of December 3, 2025, issued by the International Operations Management (GOI).
• The report BCB-GAL-SANO-DLBCI-INF-2025-404 of December 4, 2025, issued by the Legal Affairs Management (GAL).

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CONSIDERING:

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. Within the framework of the State's economic policy, it has the function of maintaining the stability of the internal purchasing power of the currency, to contribute to economic and social development. In numeral 5, paragraph I of its article 328, it establishes that the BCB, in coordination with the economic policy determined by the Executive Branch, has the attribution to administer the International Reserves.

That Law No. 1670, in its articles 14 and 15, establishes that the BCB will ensure the strengthening of the 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.

That in its article 44, Law No. 1670 provides 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. In its article 54, subsections a) and c), 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 the Law; and to carry out the monitoring of the execution of monetary, exchange, credit, financial intermediation, international reserves administration, and other policies and regulations corresponding to the BCB in accordance with this Law.

That Law No. 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 the International Reserves and to carry out financial operations with the International Reserves in gold in international markets.

That said Law, in paragraph I of its article 7, states that once the gold purchase process is concluded and the 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. Likewise, in

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paragraph I of its article 9, it establishes that the BCB will carry out operations in international markets with the Gold Reserves, being able to buy, invest, deposit in custody, use in hedging instruments, transform, and convert them into currencies, in order to optimize the liquidity and/or return of the International Reserves.

That the Regulation to the General Customs Law, in its article 185, determines that the exit from the national customs territory of the International Reserves, composed of convertible currencies and gold, by virtue of operations carried out by the BCB with international financial organizations and other institutions abroad, derived from its central banking functions or that are carried out to facilitate payment and credit operations, must be carried out in accordance with applicable legal provisions and prior presentation of the Resolution of the Ministry of Finance, currently the Ministry of Economy and Public Finance, which authorizes such operation.

That the Statute of the BCB, in its article 10, numerals 1) and 6), 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 the Law; and to approve the policy and rules for the administration of the International Reserves, as well as to 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 are adopted by a simple majority of votes of its members present in a meeting, except in cases where Law No. 1670 or the Statute of the BCB require qualified majorities.

That paragraphs I and II of article 26 of the Statute of the BCB stipulate that the Board 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 Management or Managements to which the matter subject to the resolution corresponds and by a report from the GAL. These reports must be sent to the Board by the General Management with its recommendation.

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That the Regulation of the International Reserves Committee in numeral 5) of its article 6, establishes among others, as a function of the Committee, to propose the treatment that will be applied to International Reserve investments in case of immediate liquidity requirement, to recommend to the Board of Directors of the BCB the decisions that correspond.

That the Regulation for the Administration of International Reserves, in paragraph VI of its article 11 and paragraph II of its article 18, establishes that the exit from the national customs territory of the gold purchased locally to carry out investment operations will be approved by Board Resolution, establishing as authorized operations the purchase of gold and the sale of gold acquired in the domestic market among others.

That the Regulation for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves in the framework of Law No. 1503 of May 5, 2023, in its article 25, provides that the exit of gold from the national customs territory for the purpose of refining abroad will be approved by Board Resolution.

CONSIDERING:

That through the report BCB-GOI-SRES-DNI-INF-2025-95, the GOI concludes that, with the objective of optimizing the composition of the Gold Reserves, it corresponds to carry out investment operations with the bars described in Annex No. 1 and Annex No. 2 of said Report, to obtain London Good Delivery bars, which will be deposited in the BCB's gold accounts in London. With the London Good Delivery bars, the GOI can improve the returns of the International Reserves through international financial operations with the gold reserves, being able, among other things, to invest, deposit, and convert the gold into currencies. For the foregoing, it corresponds to the Board of Directors of the BCB to approve the exit from the national customs territory of 167 gold bars acquired in the domestic market with an approximate weight of 1.79 tons, of which an estimated 1.66 tons of fine gold is derived, destined to the United Arab Emirates to carry out investment operations.

That through the report BCB-GAL-SANO-DLBCI-INF-2025-404, the GAL concludes that, from the review of the background, technical aspects, and applicable regulations, it is concluded that the GOI's request for approval of the exit from the national customs territory of the gold

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acquired in the domestic market to carry out investment operations destined to the United Arab Emirates, does not violate current regulations and is consistent with Law No. 1503, the Regulation for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves in the framework of Law No. 1503 of May 5, 2023, the Regulation for the Administration of International Reserves, and the Framework Agreement for the Sale and Purchase of Precious Metals signed between the BCB and STONEX, therefore it is legally procedent and viable for its approval by the Board of Directors of the BCB, in accordance with what is established in articles 44 and 54 subsections a) and c) of Law No. 1670 and numerals 1) and 6) of article 10, in addition to in accordance with paragraph I of article 24 and article 26 of the Statute of the BCB, as it does not contravene any legal provision and is within the attributions of the BCB. Likewise, it recommends to the Board of Directors of the BCB its approval in accordance with what is established in Law No. 1503, the Regulation for the Purchase of Gold in the Domestic Market Intended for the Strengthening of International Reserves in the framework of Law No. 1503 of May 5, 2023, and the Regulation for the Administration of International Reserves, in accordance with the reasoning and justifications exposed in the Report BCB-GOI-SRES-DNI-INF-2025-95.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the exit from the national customs territory of 167 gold bars acquired in the domestic market with an approximate weight of 1.79 tons, of which an estimated 1.66 tons of fine gold is derived, destined to the United Arab Emirates to carry out investment operations.

Article 2.- Authorize the investment operations of the gold resulting from the investment operation indicated in the preceding article, in accordance with what is established in the Regulation for the Administration of International Reserves.

Article 3.- The International Operations Management will process the Ministerial Resolution that authorizes the exit of gold from the national customs territory before the Ministry of Economy and Public Finance.

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Article 4.- This Resolution will enter into force from its publication.

Article 5.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, December 4, 2025

SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Álvaro Alfonso Romero Villavicencio