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Thursday, 17 March 2022 16:00

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The Central Bank of Ecuador (BCE) successfully concluded the refining and certifying process of 80,850.697 troy ounces of non-monetary gold, purchased from small-scale and artisanal Ecuadorian miners, in compliance with article 36 of the Organic Monetary and Financial Code and article 49 of the Mining Law.

As a result of this operation, certified gold bars valued at USD 157.98 million at their date of registration have been incorporated into the International Reserve (IR) of Ecuador.

Certified gold makes it possible to diversify the assets of the IR, access to credit lines, improve the financial position of the BCE, and strengthen dollarization. Maintaining gold as part of the IR is of vital importance, since it represents a safe-haven asset, that appreciates during scenarios of uncertainty in financial markets and geopolitical risks.

Since 2012, in compliance with the law, the BCE has carried out a gold purchasing program that benefits the local small-scale and artisanal mining sectors. This program encourages the formalization of the mining sector, promoting the legal and sustainable development of this activity in Ecuador, through a rigorous qualification process of Ecuadorian miners implemented by the BCE and the exchange of information between public entities.

The gold certification operation was carried out with a prestigious international refinery, accredited by the London Bullion Market Association (LBMA), which was hired after a transparent qualification and selection process. This operation achieved successful results for the BCE, despite the complex international logistics context.

Ecuador’s gold that is part of the IR is held in custody by international financial institutions that guarantee its security, as established by BCE regulations.