Central Bank of Ecuador marks 10 years of gold commercialization program, USD 573 million bought from small scale miners

The Central Bank of Ecuador, together with the Financial and Monetary Policy and Regulation Board, marked the 10th anniversary of its Gold Commercialization Program, highlighting that since its first purchase in June 2016 the scheme has acquired more than 9.8 tonnes of gold from artisanal and small scale mining for USD 573 million. The update presents the program as a mechanism to channel gold from formalized small producers into the central bank’s reserves through transparent pricing linked to international markets and direct bank transfers within 48 hours. The central bank said it has conducted transactions with 192 participants in the artisanal and small scale mining chain, including 144 small miners, 24 artisanal miners and 24 authorized traders. In 2025, purchases reached USD 73.3 million, equal to 8.44% of the value of small mining exports, up from 4.90% in 2024. The program’s footprint has expanded from Quito to Machala in 2018 and Zamora in 2026. Gold bought under the program is added to Ecuador’s international reserves, which stood at USD 11.513 billion in April 2026, including USD 3.812 billion in monetary gold, or 33.11% of the total. The central bank also pointed to technical and environmental verification of origin, adoption of the London Principles, implementation of an ISO 9001:2015 quality management system, and partnerships aimed at improving traceability and mining practices. Looking ahead, the central bank said it will focus on expanding its territorial presence, bringing more producers into the program and using technological innovation to reinforce standards in responsible gold commercialization.