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Government alleges “million-dollar damage” in Bolivia’s Bicentennial banknote purchase
🇵🇾 Paraguay /Crime & Justice

Government alleges “million-dollar damage” in Bolivia’s Bicentennial banknote purchase

From ABC Color · () Spanish

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

At a glance

News Named sources Under investigation
  • Bolivia plans to bring criminal charges against seven former Central Bank executives over the purchase of one million commemorative banknotes during Luis Arce’s presidency.
  • The government says the notes cost more than 4.5 million bolivianos, or about $378,630, while only 3.8% had been sold.
  • Officials said an audit found no prior technical, legal or market studies supporting the purchase.

Bolivia’s government is taking former central bank officials to court over a million commemorative banknotes that have barely found buyers. The purchase, made for the country’s Bicentennial celebrations, cost more than 4.5 million bolivianos, or about $378,630.

Deputy Transparency Minister Marcelo García said seven former senior officials of the Central Bank of Bolivia will be reported to prosecutors. The accusations include allegedly uneconomic conduct and contracts harmful to the state. Edwin Rojas, who previously led the central bank, is among those named.

It turns out that a special audit determined that only 3.8% of the Bicentennial banknotes had actually been sold. An average of 270 banknotes were sold per month, over five months.

— Marcelo GarcíaThe deputy transparency minister cited the audit’s findings on sales of the commemorative banknotes.

The banknotes were ordered in April 2024, during the presidency of Luis Arce, ahead of the Bicentennial celebrations held in 2025. The government’s stated plan was to sell the one million pieces and generate revenue for the Bolivian state.

If the Central Bank continued selling at a rate of 270 pieces per month, it would take more than 200 years to sell that million banknotes.

— Marcelo GarcíaGarcía used the sales rate to highlight the scale of the unsold stock.

That plan has produced little return. García said a special audit found that only 3.8% of the Bicentennial banknotes had been sold. The sales rate averaged 270 notes a month over five months. At that pace, he said, selling the full million would take more than 200 years.

García also said the operation went ahead without preliminary studies, technical or legal analysis, or market research to demonstrate that the commemorative issue was viable. He described the criminal complaint as the result of the audit rather than a discretionary decision. The polymer banknote, sold for 50 bolivianos, features independence figures including Simón Bolívar, Antonio José de Sucre, Túpac Katari and Bartolina Sisa, along with national and historical symbols.

The operation was carried out without prior studies, or technical, legal or market analysis.

— Marcelo GarcíaHe described the alleged shortcomings in the purchase process.
About this summary

Originally published by ABC Color 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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