Empresa Metalúrgica Vinto could partner with an international mining company to pay off its debts for the Huanuni and Colquiri mines. The amount Vinto needs to meet obligations is $80 million, but initially the future partner will have to contribute $40 million.
Between January and May 2020, the national financial system’s defaults rose by 6 percent and loan portfolio rescheduling increased by 51 percent compared to the same period in 2019, reported the executive secretary of the Association of Private Banks of Bolivia (Asoban), Nelson Villalobos. The post-election crisis of October and November last year, and the coronavirus pandemic are the causes of these changes.
After Amaszonas airline workers denounced that they are forced to make 50% discounts on their salaries, the company clarified that the balances of the April, May and June salaries will be paid in a period of six months starting in January 2021.
President Jeanine Añez appointed former Senator Óscar Ortiz as the new Minister of Economy. Ortiz, who was the Development Minister, replaces Jose Luis Parada, who was appointed on Nov. 13, 2019. Ortiz explained that his main tasks in office will be to maintain economic stability and create jobs.
Bolivia’s Central Bank (BCB) confirmed the reduction in the legal reserve rate, both in domestic and foreign currency, to inject approximately Bs 4 billion ($579.87 million) into the financial system. The aim is to provide consumer credits at a maximum rate of 3%.