Bolivia has overhauled its gold export regulations to boost private gold exports and increase dollar inflows to domestic banks, ending a three-year system overseen by the central bank. Under the new rules, gold exporters must show mineral and metal trading regulator SENARECOM that at least 80% of their proceeds are deposited with Bolivian financial institutions. Exporters will no longer be required to obtain central bank certificates to ship the precious metal.
“The aim is to increase foreign currency inflows into the domestic financial system, strengthen dollar availability and improve oversight of gold exports,” government spokesperson José Luis Gálvez said in a webcast on Wednesday. “Gold leaving Bolivia must generate dollars for Bolivia,” he added.
The revamped system will allow the finance ministry to periodically receive SENARECOM data on gold exports and the corresponding bank account deposits, enhancing oversight and ensuring that gold exports translate into domestic dollar accumulation.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing