Ecuador’s international reserves increased by USD 36.1 million, after the Central Bank acquired gold from small artisanal miners.
Exterior of the Central Bank, in Quito, on September 30, 2021.
After completing the refining of non-monetary gold of 18,955.4 ounces (589.84 kilos), by the Central Bank of Ecuador (BCE), the country’s international reserves increased, the entity assured.
The ECB, whose reserves amounted to USD 9,353 million at the beginning of the year, the highest since the country was dollarized in 2000, explained in a statement that the gold was acquired from small and artisanal miners.
International reserves reflect the liquid assets of the Central Bank to support the liabilities due.
On the other hand, the acquisition of gold was made in compliance with the provisions of article 36 of the Organic Monetary and Financial Code and article 49 of the Mining Law.
While the refining operation was in charge of the British firm ‘London Bullion Market Association (LBMA)’, which according to the ECB was previously duly qualified to operate with the country.
The ECB develops the gold marketing program that works with the small-scale and artisanal mining sector.
This ECB project received international recognition for the Initiative of the Year at the Central Bank Awards, for promoting the formalization of the mining sector and sustainable mining.
