Gold Law passes to the Senate in Bolivia after being approved “in detail” in Chamber of Deputies

The Bolivian Chamber of Deputies approved yesterday, Sunday, “in detail” the so-called Gold Law, aimed at strengthening international reserves, which now passes to the Senate for its subsequent approval.

After 21 hours of debate, the legislators of the Lower House gave the green light to the law “in detail” after voting one by one on the nine articles and transitory provisions by secret ballot.

The session began at 7:30 p.m. local time on Saturday and concluded after the votes were counted at 11:50 a.m. this Sunday.

The law, which had already been approved “en grande”, now passes to the consideration of the Chamber of Senators for its sanction before an eventual enactment by the President of the country, Luis Arce.

The regulation will allow the Central Bank of Bolivia (BCB) to buy and sell gold to strengthen the net international reserves (NIR).

On Friday, the Minister of Mining and Metallurgy, Ramiro Villavicencio, explained before the plenary of the chamber, before the approval “en grande”, that the Law for the Purchase of Gold Destined to Strengthen International Reserves will allow the State to control the productive chain of this precious metal and strengthen the NIR.

In addition, he considered that it would improve the foreign currency income for the State and the royalties for the producing regions.

According to Villavicencio, the Ministry of Mining and Metallurgy will control gold prospecting, exploitation, production and commercialization.

The law also authorizes the BCB to conduct financial operations with gold reserves in international markets, as most central banks in the region and the world currently do.

In 2022, the country’s gold exports reached 53.4 tons, valued at US$3.073 billion, according to data from the mining statistics yearbook.

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