The Central Bank of Ecuador (BCE) reported that it had completed the process refining non-monetary gold of 18,955.4 troy ounces, which were purchased from small miners and artisanal miners.
This operation is allowed increase the country’s international reserves (IR) by $36.1 millionthat institution announced and stated that the gold was refined in the international company London Bullion Market Association (LBMA), accredited to perform this activity.
According to the Organic Monetary and Financial Code, one of functions of the Central Bank It is the acquisition of non-monetary gold from the extraction of small ores and artisanal mining in the national market, directly or through public and private economic entities, previously authorized by the Central Bank of Ecuador itself.
It is also authorized to buy, sell and negotiate gold with the express approval of the Monetary Policy and Regulatory Committee.
The ECB noted that the gold trading program received international recognition Initiative of the Year at the Central Bank Awards, to promote the formalization of the mining sector and sustainable mining, through a rigorous qualification process for small and artisanal miners and the exchange of information with public entities.
Source: Eluniverso
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