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Economy & Business - June 2023
BOLIVIA: Gold reserves for sale as gov’t battles currency pressures
On 5 May Bolivia’s President Luis Arce promulgated a law permitting the central bank (BCB) to sell 21 tonnes of its gold reserves, which the government has said equates to US$1.26bn. The money raised will be used to meet external debt payments and to protect the fixed exchange rate of B$6.96/US$1. Demand for dollars soared in February due to fears that the BCB’s dollar reserves were running low, forcing the bank to take extraordinary measures to avert a currency crisis [EB-23-04].
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