Bank racket in Bolivia? Here is the situation of Banco Fassil

By Juan Pablo Álvareez

Amid a climate of growing uncertainty surrounding Bolivia’s financial health in general and Banco Fassil in particular, savers who have deposits in the bank have been having difficulties withdrawing their money since the beginning of March.

However, the Financial System Supervising Authority (ASFI) has confirmed that users’ savings are not at risk and that the return of the money will be guaranteed.

Savers’ anxiety increased on April 18 when Banco Fassil reported that debit, credit, and prepaid card services were “temporarily disabled for national and international operations.”

The entity further assured, “Once our services are reestablished, we will inform you as soon as possible.”

Likewise, Banco Fassil assured its customers that the entity is working on a “strategic plan” to strengthen its financial position and ensure a “prosperous future” for all Bolivian families who trust it.

WHAT DOES ASFI SAY?

The head of ASFI, Reynaldo Yujra, pointed out that “whatever the entity’s situation”, the savings “are not at risk, 100% of the deposits are guaranteed” because the regulations establish it.

“The important thing is here that we are acting according to the regulations, and that allows us to have effective results; we have been doing so throughout this process that has been facing (Banco Fassil),” he said.

Beyond the specific case of Banco Fassil, the official also reported that deposits at the end of February 2023 achieved an increase of 4.3%, reaching 93% of time deposits.

According to the agency, the figures “show that the Bolivian population can save and trust in the financial system.”