Bolivian government guarantees solvency of the financial system and assures depositors’ savings

Faced with the persistence of speculation, the Bolivian Government’s Financial System Supervisory Authority (ASFI) guaranteed on Tuesday the solvency of the financial system.

They assured that no bank client is in danger of losing their savings.

The regulatory office, through a communiqué, expressed to the population that it carries out permanent control and supervision tasks to financial entities within the framework of Law 393 of Financial Services.

“In this sense, the referred law contemplates effective mechanisms and procedures to ensure that the resources of all savers are guaranteed and are not in any danger, that is to say, no depositor of any financial entity could lose his savings”, it clarified.

Along these lines and within the framework of the powers granted by this law, the state-owned ASFI “shows that the Bolivian financial system is in good health, solid, solvent and reliable”.

The entity recalled the existence of the Savings Protection Fund, whose resources, according to ASFI, are available in situations “where it is necessary to apply them to protect the depositors’ money”.

Several Bolivian cities had long lines of users seeking to withdraw their money at ATMs and branches of Banco Fassil on Monday and Tuesday.

Given this wave of savings withdrawals, Banco Fassil regretted this situation and attributed it to speculations to destabilize the country’s financial system.

“We inform you that the ASFI did not issue any information on an alleged intervention or bankruptcy of Banco Fassil, as has been maliciously spread by different social networks, generating serious damage not only to our entity but to the whole financial system and the country, driven, surely, by private interests aimed at generating destabilization,” states the bank’s statement.

Weeks ago, rumors on social networks and some analysts’ interpretations began to warn about the scarcity of the dollar, and people began to make long lines in the financial system to acquire that currency.

The Government rejected these versions and ensured that the economy and finances in the South American country were safe.

On Monday, another rumor of the possible bankruptcy of Banco Fassil arose and generated other long lines in the branches of several Bolivian regions.

The state-owned ASFI ratified the solvency of the financial system and denied the alleged bankruptcy.

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