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Bolivia's central bank will buy domestically mined gold
A rich country perhaps insisting a little less on being poor.
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By Ben Margulies
Central Banking, London
Thursday, May 27, 2021
The Bolivian state mining company Comibol announced the country's central bank had signed a three-year contract on May 19 to purchase gold from it.
The agreement came a day before the mining minister, Ramiro Villavicencio, announced that Bolivia will establish a "commercial gold business" tasked with absorbing tonnes of gold that are being illegally exported, news agency EFE reports. This body will "co-ordinate" with the Central Bank of Bolivia, Villavicencio said.
... Dispatch continues below ...
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It is not clear whether Villa vicencio is referring to the BCB-Comibol agreement or the establishment of a separate state enterprise.
According to the central bank's contract with Comibol, the BCB will buy gold bars of at least 90% purity "with an identification stamp and corresponding number and with certification from an accredited laboratory.
Villavicencio claimed that smugglers took 30 tonnes of gold out of Bolivia illegally in 2019. According to his figures, this was worth more than $1 billion. Most of this is smuggled into neighboring Peru and Brazil, the minister said. ...
Gold is Bolivia’s second-largest export by value after natural gas, worth $1.85 billion in 2019, according to the Observatory of Economic Complexity, a trade data website. ...
... For the remainder of the report:
https://www.centralbanking.com/central-banks/reserves/gold/7838006/boliv...
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