Ecuador’s Central Bank Gold Program: A Path to Sustainable Development

The Central Bank of Ecuador (CBE) has significantly scaled its gold acquisition program over the past three years, aiming to formalize artisanal and small-scale mining, foster sustainable practices, and strengthen the nation’s international reserves. Operating under strong legal frameworks, the initiative emphasizes transparency and accountability, ensuring that gold is sourced responsibly while supporting local mining communities.

The program features rigorous due diligence on suppliers and offers accessible purchasing through offices in Quito and Machala, with plans for expansion to Zamora by 2025. Key objectives include promoting environmentally friendly mining, implementing fair pricing, and increasing financial inclusion for miners through partnerships with institutions like BanEcuador.

Beyond enhancing Ecuador’s international reserves, the program contributes to broader economic goals, including strengthening dollarization and fostering development in mining regions. This initiative positions the CBE as a leader in creating a sustainable, inclusive model for gold acquisition, benefiting both the economy and local communities.

Sources:

A Central Banker's Perspective: Central Bank of Ecuador's gold acquisition program, Guillermo Avellán, World Gold Council, Dec 12 2024