Day: May 26, 2020

Only 3 out of 10 cargo trucks operate in Boliva due to the health crisis

Two months after the quarantine, only three out of 10 cargo trucks are operating in Bolivia. The International Transport Association (Asociaatrin) points out that due to the quarantine there is a lower volume of transport in key sectors such as soy derivatives, mining, and construction. Marcelo Cruz, president of Asociatrin, indicated that in the oilseed sector the volume of cargo contracted by 50%.

Bank profits fell 11% in Q1, but up to April deposits grew 7.2% and loans 4.9%.

According to Bolivia’s Financial Authority (ASFI), bank profits fell by up to 11% from $66.2 million in the first quarter of 2019 to $58.7 million in the same period in 2020. According to the Association of Banks of Bolivia (Asoban) the health of the banks is stable, despite the fall. Asoban’s executive director, Nelson Villalobos, said that until April 2020 deposits registered an annual growth of 7.2 %. As for the loan portfolio, it grew 4.9%

Business sector requests deferral of tax payment

The paralysis of the economy, the slow reactivation and the lack of closing of the financial statements of the companies, force the business sector to request a deferment of the payment of the Profit Tax, which is fulfilled this May 29, until October or at least to delay 60 days. The National Chamber of Commerce (CNC-Bolivia) and the National Chamber of Industries (CNI), in a joint statement, said that due to the paralysis of most economic activities during the quarantine, companies have been unable to generate sufficient income to meet their obligations.