Bolivia’s international reserves are at their lowest levels since 2008, falling from $8.9 billion in December 2018 to $6.7 billion as of 7 November 2019. At the end of 2008, Bolivia’s international reserves reached $7.7 billion. The decline in reserves is the result of the country’s trade deficit, according to economic analyst Rene Martinez from the Jubileo Foundation.
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Of 59 operating fields in Bolivia, 41 are in decline, according to data from State-owned YPFB. Between 2006 and 2018, oil revenues reached $37.5 billion, while investment on exploration reached $2.5 billion.
BancoSol will raise its fix income deposit rate to 5% to incentivise savings and have enough resources to support micro and small businesses in Bolivia. The new rates will run throughout December, and the term will be equal or greater than 370 days with a minimum deposit of $10,000.
Since December 2, the Internet rates of the Home Plan of the State – Owned National Telecommunications Company (Entel) have dropped by at least 41%, thanks to the implementation of a fibre optic system that will save $12 million in operating costs.
Deposits in the financial system decreased 1.04% in October, from Bs.180,683 billion ($26.2 billion) to Bs.178,801 billion ($25.9 billion) according to data from the Bolivian Financial Authority (Asfi). October has been marked in Bolivia by political uncertainty and social unrest after the election of 20 October.
Bolivia could import crude oil and process it in the country’s refineries to reduce fuel imports, said the Hydrocarbons Minister, Victor Hugo Zamora. In 2018, Bolivia spent $1.251 billion on imported diesel and gasoline and as of October this year, it spent around $1.3billion.
Bolivia’s government plans to build a fuel distribution plant in the south of the city of La Paz, to prevent fuel shortages in the future like the ones suffered after supporters of forme president Evo Morales blocked the Senkata plant, in El Alto, provoking severe shortages of gas and gasoline.
The damage caused to police installations after the recent political and social unrest in Bolivia reach Bs. 150 million ($21.7 million), said the head of the institution, Rodolfo Montero. Several police quarters were burned by Evo Morales’ supporters after his resignation to the presidency.
Brazil’s national agency for petroleum, natural gas and biofuels (ANP) says that, until fresh Bolivian elections are conducted, discussions will remain suspended. To further complicate things, Petrobras still has considerable unsupplied gas credits under the expiring contract which could last an additional two to four years.
Work on the Carrasco-Cochabamba Pipeline (GCC) was completed and soon operations will return to normal levels which will allow the supply of natural gas to the western cities of Cochabamba, Oruro and La Paz as well as the industrial sector impacted by the lack of supply.