Ley N° 1503, de 5 de mayo de 2023, de Compra de Oro Destinado al Fortalecimiento de las Reservas Internacionales (Law on the Purchase of Gold Intended to Strengthen International Reserves)

English translation of the Spanish text from bcb.gob.bo (the Spanish text is the official one). Retrieved 2026-10-26.

LAW No. 1503 LAW OF 05 MAY 2023 LUIS ALBERTO ARCE CATACORA CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA Whereas, the Plurinational Legislative Assembly, has sanctioned the following Law:

THE PLURINATIONAL LEGISLATIVE ASSEMBLY, D E C R E E S :

LAW FOR THE PURCHASE OF GOLD DESTINED TO THE STRENGTHENING OF INTERNATIONAL RESERVES

ARTICLE 1. (OBJECT).

The purpose of this Law is to authorize the Central Bank of Bolivia 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 the international markets.

ARTICLE 2. (SCOPE OF APPLICATION).

Within the scope of application of this Law are natural and legal persons, public and private, legally established, registered and authorized by the competent entities, that participate in the commercialization of gold.

ARTICLE 3. (PURCHASE OF GOLD FROM THE DOMESTIC MARKET).

I. The Central Bank of Bolivia is authorized to purchase gold as one more participant in the domestic market, from natural and legal persons, public and private, legally established, registered and authorized by the competent entities, that participate in the commercialization of gold.

II. Natural and legal persons, public and private, are not obligated to offer or sell gold production to the Central Bank of Bolivia.

ARTICLE 4. (PURCHASE PRICE OF GOLD IN THE DOMESTIC MARKET).

The Central Bank of Bolivia, for the purchase of gold in the domestic market, shall pay in national currency, taking as a basis the international gold quotation price, under competitive conditions, in accordance with regulations issued by the Central Bank of Bolivia.

ARTICLE 5. (CONDITIONS FOR THE PURCHASE OF GOLD).

The Central Bank of Bolivia shall establish the conditions, characteristics, periodicity, limits and procedures for the acquisition of gold from the domestic market, in accordance with regulations issued by the Central Bank of Bolivia.

ARTICLE 6. (CONTRACTING OF SERVICES FOR THE PURCHASE OF GOLD).

I. The contracting of outsourcing, sampling, laboratory testing, transportation and refining services for gold for the purpose of strengthening the International Reserves shall be determined by the Central Bank of Bolivia through regulations.

II. The Central Bank of Bolivia is exempted from the application of the Basic Norms of the System of Administration of Goods and Services and of the regulations applicable to the contracting of specialized goods and services abroad, for the contracting provided for in this Law.

ARTICLE 7. (REFINING OF GOLD).

I. Once the gold purchase process is concluded and the total settlement in the domestic market is made, the Central Bank of Bolivia may refine the gold abroad to obtain the quality of good delivery bars and in accordance with regulations issued by the Central Bank of Bolivia.

II. The exit from the national customs territory of the gold of the Central Bank of Bolivia for its refining abroad shall be approved by the Board of Directors of the Central Bank of Bolivia, in accordance with regulations issued by the Central Bank of Bolivia.

III. Institutions of the public and private sector, within the scope of their attributions and their legal nature, shall issue certifications and/or documentation necessary for the sale to the Central Bank of Bolivia and subsequent refining of gold with good delivery quality abroad, in accordance with international responsible gold practices and according to the requirements requested by the entities in charge of refining abroad.

ARTICLE 8. (EXEMPTION FROM IT AND ZERO RATE OF VAT).

Sales of gold in the domestic market destined exclusively to increase the International Reserves under this Law are exempt from the Transactions Tax - IT and subject to the zero rate of the Value Added Tax - VAT.

ARTICLE 9. (OPERATIONS WITH GOLD RESERVES).

I. The Central Bank of Bolivia shall carry out operations in the international markets with the gold reserves, being able to buy, invest, deposit in custody, employ in hedging instruments, transform and convert them into foreign currency, in order to optimize the liquidity and/or the yield of the International Reserves.

II. The Central Bank of Bolivia shall maintain a minimum of twenty-two (22) tons of gold reserves of the International Reserves, computable semi-annually as of the approval of this Law.

III. Based on market conditions and foreign currency liquidity of the International Reserves, the Central Bank of Bolivia shall take the necessary actions for the replenishment of the gold reserves.

IV. On a four-monthly basis, the Central Bank of Bolivia shall report on the operations with gold reserves to the Plurinational Legislative Assembly.

TRANSITORY PROVISIONS FIRST.

Operations and/or processes initiated prior to the validity of this Law, and that are in process, shall continue to be governed by Law No. 175 of 11 October 2011 "Law for the purchase of gold destined to International Reserves", until their conclusion.

SECOND.

The Central Bank of Bolivia, for the fulfillment of this Law, shall establish the conditions, characteristics and procedures, through regulations issued by its Board of Directors, within a maximum period of sixty (60) calendar days, computable from the publication of this Law.

THIRD.

The Ministry of Mining and Metallurgy, the National Service of Registry and Control of the Commercialization of Minerals and Metals - SENARECOM and the competent institutions shall issue specific regulations for the

fulfillment of the requirements of the international gold market for its refining abroad, within a period of sixty (60) calendar days, computable from the publication of the regulations by the Central Bank of Bolivia.

SOLE FINAL PROVISION.

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 empowered to apply the provisions of Law No. 1670 of 31 October 1995, of the Central Bank of Bolivia and its amendments, this being sufficient for the development of its functions, without requiring further provisions than said law.

SOLE REPEALING PROVISION.

Law No. 175 of 11 October 2011 "Law for the purchase of gold destined for International Reserves" and other provisions contrary to this law are repealed.

Refer to the Executive Branch for constitutional purposes.

Given in the Session Hall of the Plurinational Legislative Assembly, on the fifth day of the month of May of the year two thousand twenty-three.

Signed. Andrónico Rodríguez Ledezma, Jerges Mercado Suárez, Roberto Padilla Bedoya, Isidoro Quispe Huanca, María Jose Rodriguez Galvez, José Maldonado Gemio.

Therefore, I promulgate it so that it is held and complied with as Law of the Plurinational State of Bolivia.

Casa Grande del Pueblo of the city of La Paz, on the fifth day of the month of May of the year two thousand twenty-three.

Signed. Luis Alberto Arce Catacora, Maria Nela Prada Tejada, Marcelo Alejandro Montenegro Gómez García.