Industrias Quantum Motors S.A. will be the first electrical car maker in Bolivia and, after receiving the certificate to produce cars from the Government, plans to sell more than 1,000 electrical vehicles across the country. Carlos Soruco, founding partner of the company said that there are existing orders for 150 electric cars, of which 44 have been already assembled. The price range are $5,200 to $5,900, depending on the model.
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Bolivia will prioritise electricity exports to Argentina, said the Energy Minister, Alvaro Guzman. Bolivia has currently can produce 3,000 megawatts (mw) and the domestic demand reaches around 1,500 mw, leaving the surplus for exportation. Currently there is an export project to Argentina and there is the potential to sell electricity to the Brazilian state of Matto Grosso.
Bolivia’s 2020 Budget project contemplates the emission of sovereign bonds for $1.5 billion. “The Ministry of the Economy is authorised to hold public debt operations in external capital markets amounting to up to $1.5 billion or its equivalent in other currencies, for budgetary support”, said art. 19 of the Budget draft law, that it is expected to be reviewed by the Congress.
Bolivian oil companies Andina and Chaco report profits of Bs.104 million ($15.1 million) and Bs.72.2 million ($10.5 million), according to data from the Bolivian Stock Exchange (BBV). Both companies are subsidiaries of State-owned YPFB.
As of October this year, Bolivian private banks registered a profit of $230 million, said the Executive Secretary of Bolivian Banking Association (Asoban), Nelson Villalobos. He added that the profits represent a 12% return on Banks assets.
Bolivia expects to sign an addendum to the gas contract with Brazil by 31 December, before the current contract ends, said the Hydrocarbon Minister, Luis Zamora. In an interview with the newspaper Página Siete, he said the the current reserves of 8.95TCF will allow the country to keep its business with Brazil. He added that the challenge now is to find new reserves.
The Central Bank of Bolivia (BCB) on Wednesday issued a resolution seeking to give liquidity to the financial system in the short term. One of the measures detailed in the document states that the base rate will be 3% in the auction modality.
Bolivia’s trade deficit reached $748 million, reported the Bolivian Institute of Trade (IBCE). As to October 2019, exports reached $7.3 billion while imports reached $8.1 billion. The main markets for exports were Brazil, Argentina, Japan, India, Colombia and the US. Imports came mainly from China, Brazil, Argentina, Peru, the US, Chile and Japan.
The new Soil Use Plan Act for the department of Beni, in the East of Bolivia, states that 42% of the region’s land will be earmarked for agribusiness. The act, signed by the regional government, has generated several critics, as it prioritises agricultural land and it has not been concerted with the indigenous sector.
The president of state-owned YPFB, José Luis Rivero, said that the priority for the company is to find new gas reserves to keep with Brazil and Argentina’s demands and develop new markets. Rivero appointed six new technical authorities to achieve this objective.