(MENAFN) Bolivia has become the latest nation in South America to frequently utilize substitute moneys in cross-border trade, instead of the United States dollar, in a increasing encounter to the supremacy of the money for global monetary dealings in the area.
Bolivian Economy Minister, Marcelo Montenegro, stated on Thursday that the country directed monetary processes amounting to 278 million Chinese yuan (USD38.7 million) between May and July of this year. That accounts for 10 percent of its distant trade throughout that time span.
“Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods,” Montenegro stated throughout a media session in La Paz, also noting that the portion of substitute moneys is anticipated to upsurge over time.
Importers as well as exporters have been able to conduct businesses in yuan since February, as well as the Russian ruble since March throughout Banco Union, a Bolivian state-owned lender, bank representatives stated, as quoted by a news agency.
MENAFN30072023000045015687ID1106737266
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.