Bolivia begins second phase of dollar savings return program

Bolivia has initiated the second stage of its program to return dollar savings to citizens, expanding access to account holders with balances ranging from $1,001 to $3,000. This gradual rollout, scheduled to continue until mid-2027, aims to restore normalcy to the financial system and encourage the use of foreign currency.

The program, announced by the Ministry of Economy, the Central Bank of Bolivia (BCB), and the Financial System Supervision Authority (ASFI), plans to return approximately $933 million in deposits held by individuals. Funds will be disbursed in the same currency they were deposited, with a staggered schedule.

According to Economy Minister José Gabriel Espinoza, the timeline includes August 14 for those with $3,001 to $5,000, September 15 for $5,001 to $8,000, October 15 for $8,001 to $10,000, November 16 for $10,001 to $15,000, and December 14 for $15,001 to $20,000. Deposits exceeding $20,000 will be addressed starting January 2027, with the entire process expected to conclude by mid-2027.

This second phase follows an initial stage targeting depositors with up to $1,000. Minister Espinoza noted that only 30% of eligible individuals withdrew their funds during the first phase, with the majority choosing to keep their savings within the financial system. Authorities interpret this behavior as a sign of increasing confidence in the economic measures and the banking system's stability.

Economist Carlos Aranda views the schedule as a significant step toward financial system normalization but cautions that the real challenge lies in its execution. He believes the program will help restore trust in the financial system, emphasizing that the key will be liquidity management.

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This schedule will truly allow the return of confidence in the financial system.