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🇧🇴 Bolivia /Economy & Trade

Dollar reaches new record as weekend rate rises to Bs 12.58

From El Deber · () Spanish

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

At a glance

News Official statement New plan
  • Bolivia's Central Bank set the dollar's rate at Bs 12.58 for Saturday, Sunday and Monday, up Bs 0.13 from Friday's Bs 12.45.
  • The currency reached Bs 12.15 in July and rose after falling through much of August.
  • The bank is considering converting some gold reserves into foreign currency, a move that would require changes to a law requiring it to hold at least 22 tonnes of gold.

The dollar has reached a new record in Bolivia, with the Central Bank setting its rate at Bs 12.58 for Saturday, Sunday and Monday. That represents a Bs 0.13 increase in 24 hours, from Bs 12.45 on Friday.

The exchange rate reached Bs 12.15 in July, then declined through much of August. It began rising again on August 24 and reached its highest level for the coming weekend.

The Central Bank is also considering a measure to strengthen its ability to intervene in the foreign-exchange market and support the country's new flexible exchange-rate regime. The proposal would convert part of the country's metal reserves into foreign currency.

The plan would require an amendment to Law 1503, which currently requires the central bank to maintain a minimum of 22 tonnes of gold. Before submitting a bill, the bank plans to hold technical meetings with lawmakers to explain the measure. BCB President David Espinoza said the current composition of international reserves limits the monetary authority's room for action.

The current composition of international reserves represents a limitation for the monetary authority.

· David EspinozaThe BCB president explained why the bank is considering converting part of its metal reserves into foreign currency.
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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