Economy & Business - September 2023

BOLIVIA: Turning to the yuan to compensate for dollar shortage

Bolivia’s Economy Minister Marcelo Montenegro has announced that Bolivia has increased its use of the Chinese yuan for imports and exports, saying that between May and July Bolivia conducted financial transactions of ¥278m (US$37.8m), accounting for 10% of its foreign trade during that period. Montenegro cited banana, zinc, and wood manufacturing exporters, as well as vehicle and capital goods importers, among those using the yuan to do business. These transactions are made through the state-owned Banco Unión, which enabled trade in yuan in February this year, and introduced trade in the Russian rouble in March.

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