The Central Bank of Ecuador (BCE) is proud to announce that it has been awarded the international “Initiative of the Year” award at the Central Banking Awards. This prestigious award recognizes the institution's recent innovative efforts for its Gold Marketing Program, which seeks to promote the formalization of small-scale and artisanal miners, promote best environmental practices, and provide access to financing on better terms.
The Central Banking Awards recognize excellence in central banking-related institutions around the world that have faced significant operational, public policy, technological change and environmental transition challenges. The awarded institutions stand out for making significant improvements in governance, operability, communications, economy, infrastructure and other relevant contributions to society.
In October 2022, the Central Bank of Ecuador, together with BanEcuador, the Ministry of Environment, Water and Ecological Transition, and the Ministry of Energy and Mines signed a cooperation agreement in order to promote the legal and sustainable development of this activity, through rigorous certification processes for Ecuadorian small miners and artisanal miners and the granting of financing facilities through BanEcuador.
In this way, the BCE complies with the provisions of Article 36 of the Organic Monetary and Financial Code and Article 49 of the Mining Bill, which establishes as one of the functions of the Institution to purchase non-monetary gold from small-scale and artisanal mining in the domestic market.
As part of this program, the Central Bank of Ecuador successfully completed the refining and certification process of 80,850.7 troy ounces of non-monetary gold, which allowed the incorporation into the International Reserve (IR) of Ecuador of certified gold bars whose value, at the date of its registration, was USD 157.9 million.
The General Manager of the Central Bank of Ecuador, Guillermo Avellán, thanked the recognition received and said that the Gold Marketing Program has been strengthened to guarantee compliance with local environmental regulations, through coordinated work with different public entities involved in the mining sector. In addition, he pointed out that "this international recognition represents a milestone in terms of institutionality and transparency of the BCE, which boosts the strengthening of dollarization and formalization of the mining sector."