On March 6, the Central Bank of Bolivia announced that it would start selling dollars to citizens directly, adding its action to the established traditional currency exchange market.
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation move coming.The Central Bank of Bolivia is executing extraordinary measures to supply its internal market with foreign currency.
The measure would counter what the central bank is calling a “speculative attack” on the national monetary system, prompting Bolivians to purchase more dollars in order to protect from a rumored increase in the exchange rate. Edwin Rojas, president of the Central Bank of Bolivia, stated: The Central Bank of Bolivia opens its doors, we reiterate, through Banco Unión, since it is the body that is going to collaborate with us in this process so that the population that demands dollars and cannot get them can come to us to satisfy their demand.The increased demand for dollars that the central bank is facing has to do with fears about the current state of the national reserves, and how this can trigger a change in the exchange rate of the U.S. dollar.
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