From the second week of March until mid-June, the flow of trucks crossing the border with Chile fell, on average, from 350 to 70 per day. In the last two weeks of June and so far this month, the number of trucks climbed to 200 due to the resumption of foreign trade in sugar, soybean and oilseed derivatives, such as soybean flour and cake, and crude, vegetable and sunflower oil. The crisis and substantial sanitary restrictions in Chile condition the mobilization of import goods.
According to data from the Central Bank of Bolivia (BCB), shipments grew by 72% compared to April. The increase is significant if we take into account that during the first quarter of this year, the flow of these resources fell to 27.85%. The recovery is due to the relaxation of the isolation measures, in the countries where the most significant amount of resources arrive: Spain and the United States. Up to 40% of remittances come from Spain, while 21% of transfers come from the United States.
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%.
In June 2020, the Consumer Price Index (CPI) registered a positive percentage variation of 0.36% regarding May. The accumulated difference to June was positive by 0.78%, and to twelve months it reached 1.44%, according to information from the National Statistics Institute (INE).
As of May, bank deposits grew by $1.5 billion; loans are close to $400 million. Interest rates remain the same as in 2019. It shows people’s confidence in the financial system.
Bolivian imports fell by 36% in value and 38% in volume from January to May this year, compared to the same period in 2019. Imports in the first five months registered $2.65 billion, the lowest amount in the last ten years. Exports reached $2.59 Billion, 24% less than the same period in 2019. The volume decreased by 36%, according to IBCE.