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Bolivia rules out currency devaluation

The Bolivian Government emphasized this Sunday that it will not apply any devaluation of the Bolivian currency since, in its opinion, the economy and finances of the South American country enjoy stability and solidity.

The Minister of Economy and Finance, Marcelo Montenegro, stated this to the press, who reaffirmed this decision based on the policy of “Bolivianization of the national economy”.

Montenegro assured that the Bolivianization policy would be maintained because, in his opinion, it promotes the use of federal money rather than the US dollar in financial transactions.

Bolivian Government building. (Photo internet reproduction)
Bolivian Government building. (Photo internet reproduction)

“The national Government is not thinking of devaluing. The exchange rate will remain unchanged. In making the evaluations, we do not need to modify the exchange parity; we have stability. Therefore, we will follow the Bolivianization scheme”, said Montenegro.

For 12 years, the exchange rate has remained unchanged at Bs 6.86 for purchase and Bs 6.96 for sale per dollar.

Likewise, the minister emphasized that each country must conduct its economic and financial policy in a sovereign manner and away from impositions such as those of the International Monetary Fund (IMF).

According to Montenegro, the IMF will not be approached either since, in his opinion, there is no solvency problem.

“A solvency problem is when everyone has already closed the doors, then you would have to go, in the last case, to the International Monetary Fund.”

“Meanwhile, we do not need to go to the IMF because we do not need it”, he remarked.

Regarding the demand for US dollars, the minister also stated that the Bolivian economy “has a sufficient amount of dollars” to comply with different international commitments.

He commented that recently in the meeting of the Macro Cabinet Group, it was shown that there is a reduction of unemployment, stability in terms of prices, and control of inflation, which shows that there is stability and growth of the Gross Domestic Product (GDP) within the framework of the economic reconstruction of the country.

 

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