Bolivian international reserves hit USD 1.976 billion at end of last year

(MENAFN) Bolivia concluded 2024 with a significant increase in its Net International Reserves (NIR), which reached 1.976 billion U.S. dollars, reflecting an increase of 267 million dollars compared to 2023, as reported by the Central Bank of Bolivia (BCB) on Thursday. BCB President Edwin Rojas highlighted the country’s resilience in the face of both domestic and international challenges, noting that Bolivia had managed to stabilize its reserves despite a challenging global economic environment.

Rojas pointed out that international reserves grew consistently for three consecutive quarters, which he attributed to the country’s efficient and resilient financial management. He also acknowledged the difficulty of managing Bolivia's external debt during a period of high global interest rates, which had increased external debt servicing costs, as well as the impact of elevated oil prices. Despite these challenges, Bolivia was able to meet all its external obligations in 2024, including paying 1.526 billion dollars in public external debt service.

In addition to meeting these obligations, Bolivia faced high costs for fuel imports, which amounted to 2.381 billion dollars. To support the financial system and ensure liquidity, the Central Bank provided 723 million dollars in foreign currency to individuals and institutions. Rojas also emphasized the Central Bank's efforts to further bolster reserves by purchasing 14.54 metric tons of fine gold from the domestic market, which raised Bolivia's total gold reserves to 22.53 metric tons by the end of the year.

Through these measures, the Central Bank of Bolivia secured 1.618 billion dollars in 2024, ensuring the stability of the country’s reserves and enhancing Bolivia's international reputation. Rojas concluded that these efforts have positioned Bolivia for continued financial stability moving forward.

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