Bolivian central bank to buy local gold

Government initiative aims to prevent smuggling


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 is currently being illegally exported, news agency EFE reports. This body will “co-ordinate” with the Central Bank of Bolivia (BCB), Villavicencio said.

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