The Central Bank of Ecuador (BCE) informed that it concluded the process of refining and certification of 80,850.697 troy ounces of non-monetary goldpurchased 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 have been incorporated into the International Reserve (RI) of Ecuador, whose value, at the date of registration, is $157.98 million.
The operation was carried out with an international refiner accredited by London Bullion Market Association (LBMA)which was hired after a transparent qualification and selection process.
ECB obtained $300 million of liquidity in operation with gold
The gold of Ecuador that is part of the RI is guarded by international financial institutions that guarantee its security as established by the 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 to diversify the assets of the International Reserve, access lines of credit, improve the financial position of the Central Bank of Ecuador and strengthen dollarization.
The #ECB successfully concluded the process of refining and certification of 80,850,697 troy ounces of non-monetary gold.
This operation allowed the incorporation into the International Reserve of certified gold bars whose value, at the date of registration, is USD 157.98 million.
(1/2) https://t.co/SkxrCBYjOx
– Guillermo Avellán Solines (@Gmo_Avellan) March 18, 2022
“Maintaining gold as part of the RI is of vital importance, since it represents a refuge asset, which appreciates during scenarios of uncertainty in the financial markets and in the face of geopolitical risks,” the ECB explained in a statement.
Since 2012, and in compliance with current law, the BCE has developed a gold marketing program that benefits the small-scale and artisanal mining sector. This program promotes the formalization of the mining sector, promoting the legal and sustainable development of this activity in Ecuador, through a rigorous qualification process of Ecuadorian miners before the BCE and the exchange of information between public entities. (I)
Source: Eluniverso
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