Bolivian Government Takes Steps to Tackle Surging US Dollar
The Bolivian Government, under President Luis Arce Catacora, is implementing strategies to stabilize the exchange rate between the local currency and the US dollar, as announced by Planning Minister Sergio Cusicanqui. In response to the increasing value of the US currency, the government is exploring additional measures to address the situation.
The Financial System Supervisory Authority has been tasked with assessing and recommending actions to restore normalcy in the currency exchange market. Despite an official exchange rate set by the Central Bank of B$ 6.96 = US$ 1, unofficial exchanges suggest a rate of at least B$ 10 = US$ 1.
Cusicanqui emphasized the recent trade surplus and the need for more US dollars in Bolivia. While acknowledging challenges, such as rising import prices, he highlighted the overall economic growth and controlled inflation. Former President Evo Morales criticized Arce’s administration for lacking emergency plans and accused them of potentially privatizing public companies for financial gain.