Regulatory Alerts2012-04-19 | SGDB N° 017/2012Added · Updated
SGDB No. 017/2012: Procedure for the Purchase of Gold from State Mining Enterprises for International Reserves
The Central Bank of Bolivia establishes the detailed procedure for the purchase of gold bars from State Mining Enterprises (EMIES) for international reserves, requiring EMIES to submit weekly written requests by Friday 15:00 specifying bar quantities, weights, and delivery personnel details. The process mandates secure delivery to the Central Bank for permanent filming, identification seal verification, and the taking of three samples per bar for purity analysis, custody, and potential arbitration. A 0.5% acceptable error margin is set for purity analysis, with divergent results triggering third-party laboratory testing where costs are borne by the party with the greater deviation from the arbitral result. Final payment is processed according to the approved Regulation after the signing of the final purchase-sale settlement act.