* Bolivia’s lower chamber of congress has approved a bill which seeks to enable the central bank (BCB) to purchase gold directly from local producers, which could then be sold for hard currency. The bill was approved with 74 votes in favour, 16 against, and 22 abstentions, and now proceeds to the senate. It aims to reverse a rapid drain of the BCB’s US dollar reserves, which resulted in a public panic that further drained the BCB’s supply as it resorted to the direct sale of dollars to citizens to try and quell demand. Following the bill’s approval, Bolivia’s dollar-denominated bonds due in 2028 jumped 12 cents to 60.8 cents on the US dollar, their largest daily amount since they were issued in 2017, according to Bloomberg, whilst there was also a rally in dollar bonds due in 2030.
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