Bolivia concludes its first gold futures sale
Saturday, October 18th 2025 – 03:28 UTC
With these funds, we service the foreign debt and contribute to the provision of fuel, Rojas explained
Bolivia’s Central Bank (BCB) successfully concluded its first gold futures sale, a transaction executed under a controversial legal framework aimed at bolstering the country’s international reserves and foreign currency liquidity. The sale of 3 tons of gold generated a total of US$388.8 million for the BCB.
The BCB executed a gold futures sale on April 15, 2025, with a 12-month contract, including a protective PUT option that guaranteed a minimum price of US$2,800 per troy ounce. Bolivia received an immediate prepayment of US$270 million. The contract closed on October 16, 2025, when the international gold price reached $4,126.3 per ounce, thus generating an additional profit of US$118.8 million.
The fundamental purpose is to strengthen the liquid component of international reserves. With these foreign currencies, we service the external debt and contribute to the provision of fuel, BCB President Edwin Rojas said at a press conference.
On May 5 of this year, we presented the report on gold reserve operations to the Legislative Assembly. The report included information on the first hedged and guaranteed forward sale transaction without displacement, he also explained.
The transaction was the first under Law 1503 on Monetary Gold (passed in 2023), which authorizes the BCB to use a portion of its gold reserves for international financial operations to optimize liquidity.
Rojas confirmed that after this operation and other similar transactions totaling 8.4 tons of gold, Bolivia maintains ownership of 23.82 tons, which is above the legal minimum of 22 tons.
The measures have helped raise net international reserves to US$3.451 billion (up from US$1.9 billion at the end of last year), with gold accounting for US$3.246 billion.
Rojas and Economy Minister Marcelo Montenegro face a criminal complaint filed on Thursday alleging uneconomical conduct and embezzlement over the advance sale of gold, with accusers questioning the movements and destination of the gold and proceeds. Rojas denied the allegations and intends to defend himself.
