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🇧🇴 Bolivia /Economy & Trade

Dollar Continues Its Rise, Gradually Approaching Bs 13

From El Deber · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

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  • Bolivia’s flexible dollar rate stood at Bs 12.58 over the weekend and on Monday, according to the Central Bank of Bolivia.
  • In the parallel market, the dollar was quoted at Bs 12.54 for buying and Bs 12.52 for selling.
  • The central bank is considering converting part of its gold reserves into foreign currency, a move that would require changes to a law setting a 22-tonne minimum gold reserve.

The dollar is edging toward Bs 13 in Bolivia as the currency continues its upward trend. The Central Bank of Bolivia reported a flexible exchange rate of Bs 12.58 over the weekend and on Monday.

In the parallel market, available reference rates placed the dollar at Bs 12.54 for buying and Bs 12.52 for selling. The foreign currency has been rising for several weeks.

Against that backdrop, the BCB is proposing to convert part of the country’s gold reserves into foreign currency. The aim is to increase its ability to intervene in the foreign-exchange market and support the new flexible exchange-rate regime.

The proposal would require amendments to Law 1503, which currently requires the central bank to maintain at least 22 tonnes of gold. Before submitting a bill, the BCB plans to open technical discussions with deputies and senators to explain the measure.

BCB president David Espinoza said the current composition of international reserves limits the monetary authority. He discussed the issue on Friday on the El Deber program Influyentes.

About this summary

Originally published by El Deber in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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