Bolivia Reserves Rise 8.7% to US$3.93 Billion on Gold
BOLIVIA · ECONOMY
Key Facts
- —What happened Bolivia’s central bank says net reserves rose 8.7% last quarter.
- —The numbers US$3.93 billion on 30 September, up US$315.5 million since June.
- —Gold share Gold makes up 87% of reserves, up from 80% in June.
- —Liquid dollars Foreign-currency reserves fell 28.4% to US$474.2 million after debt payments.
- —US link US exposures make up 68% of the foreign-currency reserves.
- —Credit rating Moody’s raised Bolivia to Caa2 in early October, the bank says.
Bolivia’s reserves are growing again, but the gain is mostly gold while spendable cash shrinks.
Bolivia reserves rose 8.7% in the third quarter to US$3.93 billion, the Banco Central de Bolivia (BCB) reported. The gain came mainly from gold the bank bought on the domestic market, El Deber reported on Saturday, 10 October.
The figure matters for US investors who hold Bolivia’s dollar bonds and track its ability to pay. The same report shows the most liquid reserves, held mainly in US Treasury bills, fell by over a quarter.
What the Central Bank Reported
The BCB is Bolivia’s central bank, based in La Paz, and it manages the country’s gold and foreign-currency holdings. Its report covers the quarter from July to September 2026.
Net international reserves reached US$3,932.8 million on Wednesday, 30 September. That was US$315.5 million more than at the end of June, when they stood at about US$3,617 million.
Gross reserves, a slightly different measure, reached US$3,883.1 million, up 8.8%. The bank says the gap between the two comes mainly from Bolivia’s position at the International Monetary Fund and currency valuations.
The BCB says its foreign-exchange operations with local banks added more than US$400 million during the quarter. It calls this a “genuine accumulation” of reserves.
Gold Now Makes Up 87% of Bolivia Reserves
The bank bought 4.1 tonnes of gold on the domestic market in the quarter, under Law 1503. Its gold holdings rose from 22.3 to 25.3 tonnes, valued at US$3,379.4 million.
Of that gold, 14.7 tonnes sit with foreign banks, 8.9 tonnes are in BCB vaults and 1.7 tonnes are in transit. Among foreign banks, Toronto Dominion Bank holds the most, 6.0 tonnes, while JPMorgan Chase Bank holds 1.4 tonnes.
The BCB itself flags a risk. Gold now accounts for 87% of all reserves, up from 80% three months earlier, a level the bank calls “not recommendable.”
Its gold rose by one tonne in September, yet the market value fell by US$78 million. The bank recommends greater diversification.
Why Dollars Remain Scarce
Foreign-currency reserves, the cash Bolivia uses for import bills and debt service, fell by US$187.7 million to US$474.2 million. The BCB says this was due to payments of foreign obligations.
At the end of June, that cash buffer stood at US$661.9 million. El Deber noted that the headline total does not, on its own, show how many dollars are immediately available.
The bank keeps this cash in short-term instruments, mainly US Treasury securities. It says US exposures account for 68% of these holdings and supranational lenders for 24%.
The BCB set the official exchange rate at 11.73 bolivianos per US dollar for Saturday to Monday, 10 to 12 October. That is the basis for any local-currency conversion in this story.
What It Means for You
For bond investors, rising reserves support Bolivia’s recent credit upgrades. The BCB says Moody’s raised Bolivia from Caa3 to Caa2 with a positive outlook in early October, still deep in speculative grade.
The report says Fitch and S&P Global also upgraded Bolivia earlier this year. Yet the drop in liquid dollars means debt payments still compete with fuel and import needs.
For US companies and travellers, dollars inside Bolivia are likely to stay tight. Most of the reserve gain is gold, which cannot be spent at once.
What Is Not Known
The report gives no release date, though its PDF file is dated Thursday, 8 October. It names neither the foreign obligations paid nor a reserves forecast for end-2026.
It is not known how quickly the BCB will act on its own advice to diversify away from gold. No official comment beyond the report was available on Sunday.
What Comes Next
The next quarterly report will cover October to December. The BCB expects an uncertain global backdrop, with inflation pressure and geopolitical tension.
The rise does not mean Bolivia’s dollar shortage is over. The liquid part of the reserves is smaller than it was in June.
Frequently Asked Questions
How large are Bolivia’s reserves now?
Net international reserves stood at US$3,932.8 million on 30 September 2026. That is 8.7% more than at the end of June.
Why did the reserves rise?
The central bank bought 4.1 tonnes of gold on the domestic market in the quarter. It also gained more than US$400 million through foreign-exchange operations with local banks.
Why are dollars still scarce in Bolivia?
Gold makes up 87% of the reserves and cannot be spent quickly. Liquid foreign currency fell to US$474.2 million after foreign debt payments.
Where does Bolivia keep its gold?
About 14.7 tonnes sit with foreign banks, including JPMorgan Chase Bank, and 8.9 tonnes are in the central bank’s vaults. Another 1.7 tonnes were in transit on 30 September.
Sources: Banco Central de Bolivia, quarterly reserves report, third quarter 2026; Banco Central de Bolivia, official exchange rate; El Deber (all accessed 11 October 2026).
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