Bolivian Economy Minister Explains Dollar Price Increase

In a recent appearance on EL DEBER's program ON- Otra noche con Sissi, Bolivia's Minister of Economy, José Gabriel Espinoza, addressed the recent uptick in the dollar's reference price, attributing it to a temporary surge driven by several key economic factors.

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evidentemente una mayor demanda de divisas

Espinoza detailed that a primary driver is increased demand for foreign currency. This surge is fueled by importers actively conducting their business and by the agro-industrial sector preparing essential inputs like seeds for the upcoming winter campaign. Furthermore, industrial sectors are actively acquiring raw materials to sustain their production cycles. The demand for dollars is also heightened by YPFB (Yacimientos Petrolíferos Fiscales Bolivianos), the state oil company, due to increased fuel import volumes coinciding with the summer harvest season.

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tenemos al sector agroindustrial que ya va preparando los insumos, la semilla y todo lo demás para luego de la cosecha pues empezar la campaña de invierno

Another significant factor, according to the minister, is the delay in foreign currency liquidation by exporters. He cited the example of the soybean sector, which has had a strong year in terms of volume but has not yet exported its processed products like soybean cake and oil. Similarly, the mining sector has been holding back product, including gold and other minerals, in anticipation of potentially higher prices amidst ongoing international conflicts. This strategy aims to secure better revenue by waiting for price increases.

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muchos de los sectores industriales están acopiando materia prima para su ciclo productivo y obviamente en el caso de YPFB se está demandando divisas porque el precio y también el volumen de importación ha crecido por la época, hoy día estamos en plena cosecha de verano y por lo tanto pues se demanda más combustible

Minister Espinoza expressed confidence that the dollar's value will stabilize in the near future as exporters begin to convert their foreign earnings into Bolivian currency. He also indicated that the Ministry of Economy will implement additional measures in the coming weeks to further support market stabilization. This proactive approach aims to reassure businesses and maintain economic confidence within the country.

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los exportadores todavía no han liquidado sus divisas.