So far this year, there have also been difficulties in obtaining currency in the highland country by sectors such as importers, transporters and merchants, among others.
Bolivian President Luis Arce acknowledged this Monday that his Government has “certain difficulties” with the US currency, but that it is a problem that several countries are going through. Despite this, he ruled out that the country is in an economic crisis.
“As several countries we have certain difficulties in the availability of the dollar, but we are not in a structural economic crisis as the opposition intends to position to generate a political crisis and shorten our mandate,” said the President in the 215 years of creation of the 1st Infantry Regiment. Colorados from Bolivia.
In February of last year, there was an unusual demand for dollars by the population, which led to a shortage of the US currency that affected the level of Net International Reserves (RIN) and low liquidity in the financial system. The Government stated that this shortage is due to a speculative issue.
So far this year, there have also been difficulties in obtaining dollars for sectors such as importers, transporters and merchants, among others.
To obtain more foreign currency, the Government and the country's private businessmen agreed on 10 measures in February. Among them, the release of exports with streamlining of procedures; the “immediate” return of the Tax Refund Certificate (Cedeim) after delivery of dollars; the issuance of bonds in dollars by the Central Bank of Bolivia (BCB); establishing tax incentives for the purchase of flex vehicles and electric vehicles; and determine a band in the collection of commissions for transfers and money orders abroad.
However, some sectors require the Government to provide dollars to carry out transactions and obtain imported products.
RESOURCES
The president of the Central Bank of Bolivia (BCB), Edwin Rojas, indicated yesterday that the financial system currently has US$ 285 million in monetary material (cash) for its clients. However, he warned that the bankers' administration "is not the best" and they are "very conservative."
He argued that, last year, the financial system had less foreign currency available (US$ 130 million in cash as of April), but they demonstrated better management. “What has happened is that the administration they are doing of the resources apparently is not the best,” he said.
As evidence, he recalled that the Financial System Supervision Authority (Asfi) intervened “in response to a complaint made by financial consumers” and fined “the different bodies that make up, above all, Asoban (Association of Private Banks of Bolivia).”
The authority added that, as of April 2024, assets (in the country and abroad) in the financial system reached US$ 453 million, US$ 142 million higher than the same period in 2023, when they had US$ 311. millions.
"Now, specifically in the asset component, banknotes and coin balances, let's say, monetary material as such, they have US$ 285 million as of April."
