BOARD OF DIRECTORS

BOARD RESOLUTION NO. 176/2025

SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVAL OF THE NEW REGULATION ON GOLD PURCHASES IN THE DOMESTIC MARKET DESTINED TO STRENGTHEN INTERNATIONAL RESERVES AND GOLD EXPORT QUOTA

VISTOS:

• 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 Destined to Strengthen International Reserves of May 5, 2023.
• Supreme Decree No. 5076 of November 29, 2023.
• The BCB Statute approved by Board Resolution No. 095/2022 of October 6, 2022.
• 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 Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate approved by Board Resolution No. 039/2024 of March 18, 2024, and its modifications.
• The Regulation on Gold Purchases in the Domestic 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-2025-158 of December 4, 2025, issued by the International Operations Management (GOI).
• The report BCB-GAL-SANO-DLBCI-INF-2025-402 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) of paragraph I of its article 328, it establishes that the BCB, in coordination with the economic policy determined by the Executive Branch, has the authority to administer International Reserves.

That Law No. 1670, in its articles 14 and 15, establishes that the BCB will ensure the strengthening of International Reserves so as to allow the normal functioning of Bolivia's international payments, and that these reserves are constituted by one or more of the assets, among which is physical gold.

That the aforementioned Law, in its articles 16 and 17, determines that the BCB will administer and manage its International Reserves, being able to invest them and deposit them in custody, as well as dispose of and pledge them, in the manner it considers most appropriate for the fulfillment of its purpose and functions and for their adequate safeguarding and security. It may also purchase foreign exchange hedging instruments in order to reduce risks; considering that International Reserves are unseizable and cannot be subject to precautionary, administrative, or judicial measures, nor to any state tax or contribution.

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 general application regulations, and internal rules. In its article 54, subsections a), c), and o), it establishes that the Board has the authority to issue regulations and adopt general decisions that are 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, international reserve administration, and other policies and regulations corresponding to the BCB in accordance with this Law; and to 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 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 International Reserves and to carry out financial operations with International Reserves in gold in the international

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markets. In its article 2, it states that individuals and legal entities, public and private, legally established, registered, and authorized by competent entities, that participate in the marketing of gold, are within the scope of application of this Law.

That the aforementioned Law, in its article 4, provides that for the purchase of gold in the domestic market, the BCB will pay in national currency, taking as a base the price of the international gold quotation, under competitive conditions, in accordance with regulations issued by the Issuing Entity. In its article 5, it determines that the BCB will establish the conditions, characteristics, periodicity, limits, and procedures for the acquisition of gold from the domestic market, in accordance with regulations.

That in its article 9, said Law provides 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 currencies, in order to optimize the liquidity and/or yield of International Reserves. It also provides that the BCB must maintain a minimum of twenty-two (22) tons of gold reserves from the International Reserves, computable semi-annually from the approval of this Law, and based on market conditions and foreign exchange liquidity of the International Reserves, the BCB will take the necessary actions for the replenishment of gold reserves.

That the single final provision of Law No. 1503 determines 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, and its modifications, being this sufficient for the development of its functions, without requiring greater provisions than said law.

That Supreme Decree No. 5076 in its article 2 regulates the export of gold, authorizing the BCB to issue the Gold Export Certificate (CEO), for the following tariff subheadings:

CODE	DESCRIPTION OF MERCHANDISE
26.16	- Minerals of precious metals and their concentrates.
2616.90	-- Gold minerals and their concentrates
71.08	Gold (including platinum gold) in crude, semi-manufactured, or powder form.
	- For non-monetary use:
7108.11.00.00	-- Powder
7108.12.00.00	-- Other crude forms
7108.13.00.00	-- Other semi-manufactured forms

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CODE	DESCRIPTION OF MERCHANDISE
7108.20.00.00	- For monetary use
71.12	Scrap and waste, of precious metal or of precious metal plating (plaque); other scrap and waste containing precious metal composed of precious metal, of the types used mainly for the recovery of precious metal, other than products of heading 85.49.
	- The others
7112.91.00.00	-- Of gold or of gold plating (plaque), except dross containing another precious metal

That paragraph II of the aforementioned article determines that the BCB, through specific regulation issued by its Board of Directors, will define the quota to be exported periodically and the requirements for the issuance of the CEO, prior to verification of the quantity required for the replenishment of gold reserves. In paragraph I of its single transitional provision, it establishes that the BCB must regulate paragraph II of article 2 of Supreme Decree No. 5076.

That the BCB Statute, in its article 10, numerals 1), 6), and 30), provides that the Board has the authority 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; to approve the policy and rules for the administration of International Reserves, as well as to monitor their execution; and to 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 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 BCB Statute require qualified majorities.

That paragraphs I and II of article 26 of the BCB Statute stipulate that the Board 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 GAL. These reports must be sent to the Board by the General Management with its recommendation.

That the Regulation for the Administration of International Reserves in its article 9 and paragraph I of its article 11, establishes that International Reserves are composed of International Monetary Reserves, Gold Reserves, and SDR Holdings, and that Gold Reserves are constituted by physical gold in BCB vaults, investments in time deposits, and balances in gold accounts.

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That the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate, in its article 1, provides that its object is to regulate the determination of the gold export quota and the requirements for the issuance of the CEO.

That the Regulation on Gold Purchases in the Domestic Market Destined to Strengthen International Reserves, within the framework of Law No. 1503, in its article 1, establishes that its object is to regulate Law No. 1503 and establish the requirements for the purchase of gold in any of its forms and states in the domestic market by the BCB, destined to strengthen international reserves.

CONSIDERING:

That through report BCB-GOI-SRES-DOI-INF-2025-158, the GOI concludes that in compliance with Law No. 1503 “Law on the Purchase of Gold Destined to Strengthen International Reserves” and the Regulation on Gold Purchases Destined to Strengthen International Reserves, the BCB purchased up to November 28, 2025, a total approximate of 35.67 tons of fine gold in the domestic market since the promulgation of said Law. With the purpose of having a standardized document, improving efficiency, and transparenting equal conditions in gold purchase operations in the domestic market by the BCB, it is necessary to have a new Regulation on Gold Purchases in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota, as exposed in the attached Annex. Consequently, it corresponds to repeal the aforementioned Board Resolutions, as well as B.R. No. 039/2024 and its modifications, which regulate the determination of the gold export quota and the requirements for the issuance of the CEO, since the new proposal already incorporates these provisions. The gold sale commitments assumed will remain in force until their fulfillment, based on the conditions under which they were agreed. Finally, the proposal for the new Regulation is considered technically viable.

That the report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2025-402, concludes that the proposal for the Regulation on Gold Purchases in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota prepared by the GOI, in accordance with its Report BCB-GOI-SRES-DOI-INF-2025-158, has the object of providing a standardized document and optimizing efficiency, incorporating the experience and accumulated knowledge since the beginning of the gold purchase process, as well as establishing the definition of the Gold Export Quota for the Issuance of the CEO, therefore its approval by the BCB Board of Directors is viable in

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accordance with what is established in articles 44 and 54 subsections a), c), and o) of Law No. 1670 and article 6 and numerals 1), 6), and 30) of article 10 and according to paragraph I of article 24 and article 26 of the BCB Statute, as it does not contravene any legal provision and is within the competencies of the BCB.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the new Regulation on Gold Purchases in the Domestic Market Destined to Strengthen International Reserves and Gold Export Quota in its fourteen (14) articles, one (1) single transitional provision, and its Annex I which forms an integral part of this Resolution.

Article 2.- This Resolution will enter into force from its publication in the BCB communication media.

Article 3.- From the entry into force of the Regulation approved by this Resolution, Board Resolution No. 066/2024 of May 28, 2024, which approved the Regulation on Gold Purchases in the Domestic Market Destined to Strengthen International Reserves within the framework of Law No. 1503 of May 5, 2023, is repealed, as well as the modifying resolutions of said Regulation.

Likewise, Board Resolution No. 039/2024 of March 18, 2024, which approved the Regulation for the Definition of the Gold Export Quota and for the Issuance of the Gold Export Certificate, is repealed, as well as the modifying resolutions of said Regulation.

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

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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

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ANNEX

REGULATION ON GOLD PURCHASES IN THE DOMESTIC MARKET DESTINED TO STRENGTHEN INTERNATIONAL RESERVES AND GOLD EXPORT QUOTA

ARTICLE 1.- (OBJECTIVE)

This Regulation has the objective of establishing the regulation of Law No. 1503 of May 5, 2023, for the purchase of gold in the domestic market by the Central Bank of Bolivia (BCB), destined to strengthen International Reserves and the determination of the gold export quota established in Supreme Decree No. 5076 of November 29, 2023.

ARTICLE 2. (SCOPE OF APPLICATION)

This Regulation is subject to all legal entities, public and private, established, registered, and legally authorized in national territory that voluntarily participate in the sale of gold to the BCB, as well as exporters whose merchandise to be exported falls under the tariff subheadings contemplated in paragraph 1 of article 2 of Supreme Decree No. 5076 of November 29, 2023.

ARTICLE 3. (REGISTRATION AND IDENTIFICATION)

Prior to the sale of gold to the BCB, the registration and identification as gold sellers of legal entities, public and private, legally established in national territory, that are interested in selling gold to the Issuing Entity, will proceed. The BCB will make known the requirements and procedures for the registration and identification of the gold seller.

ARTICLE 4. (ORIGIN OF GOLD)

For each sale operation, the legal entity, public or private, must indicate under sworn declaration that the gold has a lawful origin.

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Likewise, the BCB will request the Validation Acts of the M-02 forms, issued by the National Service for the Registration and Control of the Marketing of Minerals and Metals (SENARECOM), a document indispensable to guarantee the legality and traceability of gold.

ARTICLE 5. (QUANTITY)

The BCB will carry out gold purchases from the legal entities, public and private, registered in the Institution, as determined in article 3, according to a quarterly program approved by the BCB Board of Directors.

The minimum quantity of gold to be purchased per operation will be 50,000 grams.

ARTICLE 6. (PURETY AND WEIGHT OF GOLD BARS)

Legal entities, public or private, registered with the BCB, may sell gold in bars with a purity percentage not less than 85% and a gross weight not less than 5,000 grams.

ARTICLE 7. (GOLD PURCHASE PRICE)

The BCB Board of Directors will determine the purchase price through express provision, taking as a base the price of the international gold quotation, the official selling exchange rate of the US dollar, the reference selling value of the US dollar in relation to the Boliviano, and a premium percentage as established in Annex I.

ARTICLE 8. (PAYMENT AND SETTLEMENT FOR GOLD PURCHASE)

Payment for the purchase of gold will be made in national currency, according to the following:

• Initial Settlement: Upon receipt of the gold, the BCB will make an initial payment of 95% of the value of the gold, which will be determined by multiplying the fine weight of the gold bar by the purchase price.

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• Final Settlement: Once the laboratory result on the purity of the gold is obtained, within a period not exceeding five (5) business days, the final settlement of the 5% will be made.

The initial settlement of 95% and the final settlement of 5% of each gold purchase operation carried out during the committed period, will be made in accordance with the gold quotation established in the BCB Quotation Table. In none of these settlements will the premium be included, which will be paid only upon the total fulfillment of the commitment.

ARTICLE 9. (CONTRACTING SERVICES FOR GOLD PURCHASE)

Within the framework of article 6 of Law No. 1503 on the Purchase of Gold Destined to Strengthen International Reserves, the BCB will carry out contracts for the services of sampling, laboratory tests, transport, and refining of gold; which must have the corresponding certifications and insurance coverage.

ARTICLE 10. (GOLD CUSTODY)

The gold acquired in the domestic market will be custodied in BCB vaults under the responsibility of the Treasury Management (GTES) until its shipment abroad for refining.

ARTICLE 11.- (APPROVAL AND EXIT FROM NATIONAL CUSTOMS TERRITORY)

I. The exit of gold from the national customs territory for refining purposes abroad will be approved by the BCB Board of Directors.

II. The International Operations Management (GOI) will process the Ministerial Resolution that authorizes the exit of gold from the national customs territory before the Ministry of Economy and Public Finances.

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III. The General Management, the GOI, and the GTES, within the framework of their functions, are charged with the execution of technical, operational, and administrative activities for the exit of gold from BCB vaults, complying with all security measures.

IV. The GOI will be responsible for verifying the receipt of gold at the custodian bank abroad and will inform the BCB Board of Directors about the execution of exits from the national customs territory.

ARTICLE 12. (DETERMINATION OF EXPORT QUOTA)

In accordance with what is established in Supreme Decree No. 5076 of November 29, 2023, the quantity defined for the export quota will be determined through a provision of the BCB Board of Directors.

ARTICLE 13. (REQUIREMENTS FOR THE ISSUANCE AND VALIDITY OF THE GOLD EXPORT CERTIFICATE)

The BCB, through the GOI, will enable the available quantity of fine gold previously acquired in the Single Window for Foreign Trade (VUCE), so that the interested party can generate the Gold Export Certificate (CEO) through this platform in digital format, which will be valid only for one export operation, for which it must have the following requirements:

• Registration as a gold seller to the BCB.
• Have an Foreign Trade Operator (OCE) user to operate on the VUCE platform.
• Have available balance (kg) according to gold sales made to the BCB.

Each CEO will have a validity of thirty (30) calendar days.

Legal entities, private or public, registered with the BCB may request the issuance of the CEO up to 60 calendar days after the sale of gold to the BCB. After that, the

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quantity of gold sold to the BCB will be automatically deducted from the accumulated available balance.

ARTICLE 14. (PROCEDURE AND TECHNICAL ASPECTS)

The GOI is authorized to define the procedures and technical aspects to comply with what is established in this Regulation, having to inform the President of the BCB about them.

SINGLE TRANSITIONAL PROVISION

Traders that have accumulated balances for the issuance of CEO for gold sales to the BCB will have a period of up to 90 calendar days, computable from the publication of this Regulation, to request the corresponding issuance. Upon expiration of said period, the balances not requested will be automatically deducted.

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ANNEX I

Calculation Methodology for BCB Gold Purchases

a) Fine Weight
Fine Weight (OTF) = Net Weight (OTF) after smelting x Gold Purity (%)

b) Purchase Price (Bs/OTF)
Purchase Price $\left(\frac{Bs}{OTF}\right) = (\beta * (1 - d) * XAU * TCo * (1 + %premio)) + (\beta * d * XAU * TCo)$

• $\beta$: is a fixed factor of 0.988 that considers an estimate of refining costs and royalties.
• $d$: is the proportion in US dollars USD defined by express resolution of the BCB Board of Directors, which may be acquired by the seller at TCo.
• $(1-d)$: is the proportion settled in Bolivianos.
• $TCo$: is the official selling exchange rate published daily on the BCB website.
• $TCr$: is the reference selling value of the US dollar published daily on the BCB website.
• $XAU$: is the international market quotation (USD/OTF) that will be published daily in the BCB Quotation Table.
• $OTF$: Troy Fine Ounce, equivalent to 31.1035 grams.

c) Premium Percentage
Premium Percentage = $\frac{TCr}{TCo} - 1$

The premium will be applied to gold sales by quantities equal to or greater than 50,000 grams of fine gold.

The seller will deliver the gold to the BCB within a maximum of five (5) business days, otherwise they will not receive the premium.