Regulatory Alerts2023-04-06 | JPRM-2023-009-MAdded · Updated
JPRM-2023-009-M — Policy for the Commercialization of Acquired Gold
The Monetary and Regulatory Policy Board establishes the policy for the commercialization of non-monetary gold acquired by the Central Bank of Ecuador from artisanal and small-scale miners. The resolution defines gold acquisition parameters, including the use of the Archimedes principle for purity determination and the calculation of a fair price based on international references minus operational discounts. It mandates that acquired gold be sold in local or international markets or certified as monetary gold for international reserves, while explicitly repealing the previous 2022 resolution on non-monetary gold commercialization.
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