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Economy & Business - September 2024

ECONOMIC HIGHLIGHTS

BOLIVIA | International reserves begin to recover. Bolivia’s central bank (BCB) reported on 2 September that Bolivia’s net international reserves totalled US$1.9bn as of the end of August, up by US$196m on the amount registered at the end of 2023. At the end of April, international credit ratings agency Moody’s downgraded Bolivia’s ratings to Caa3 from Caa1, warning that external liquidity pressures had reached “critical levels”, driven by “a material decline in foreign-exchange reserves that heightens sovereign credit risks, threatening a balance of payments crisis”. Moody’s noted that as of end-December 2023 Bolivia’s net international reserves (including gold) had fallen to US$1.7bn from about US$3.0bn in May 2023, even after the approval of a new law authorising the BCB to begin selling a portion of its gold reserves. Bolivia was also downgraded by Fitch in February and Standard & Poor’s in November 2023.

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