Ecuador added US$157.9 million of certified gold bars to the International Reserve
RIO DE JANEIRO, BRAZIL – The Central Bank of Ecuador (BCE) informed that it concluded the process of refining and certifying 80,850,697 troy ounces of non-monetary gold, purchased from small miners and artisanal miners, in compliance with the provisions of 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 with a value, as of the date of registration, of US$157.98 million have been incorporated into Ecuador’s International Reserve (IR).
The operation was carried out with an international refiner accredited by the London Bullion Market Association (LBMA), contracted after a transparent qualification and selection process.
The Ecuadorian gold part of the RI is under the custody of international financial institutions that guarantee its security as established by ECB regulations.
Meanwhile, the completion of this process was also announced by the general manager of the ECB, Guillermo Avellán, through his Twitter account.
Avellán indicated that certified gold allows diversifying the International Reserve’s assets, accessing credit lines, improving the financial position of the Central Bank of Ecuador, and strengthening dollarization.
“Holding gold as part of the IR is vital since it represents a safe haven asset, which is revalued during scenarios of uncertainty in the financial markets and the face of geopolitical risks,” the ECB explained.
Since 2012, and in compliance with the current law, the ECB has developed a gold commercialization program that benefits the small and artisanal mining sector. This program encourages the formalization of the mining sector, promoting the legal and sustainable development of this activity in Ecuador through a rigorous process of qualification of Ecuadorian miners before the ECB and the exchange of information between public entities.
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