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Rumors of a restriction on the sale of dollars have generated unusual demand for the currency. The authorities condemned the speculation of some citizens and economic analysts, and warned of legal processes for those who replicate the statements not confirmed by the authorities.
Speculation has generated uncertainty in Bolivia. Word of mouth has spread the idea that there will soon be a supposed restriction on the sale of dollars in the financial system, a statement that has not been disclosed by official entities and that is causing unexpected behavior.
“What is now being observed is unfounded and unnecessary speculation, made by bad Bolivians” that is generating an “unusual demand for dollars,” said Reynaldo Yujra, the executive director of the Financial System Supervisory Authority (ASFI).
? #ANF | The CEO of the #ASFI, Reynaldo Yujra, confirmed that this institution did not issue any instructions to restrict the sale of dollars in financial institutions. “It’s speculation that has been generated,” he said. pic.twitter.com/4tpuslnHnR
— Fides News Agency (@noticiasfides) February 27, 2023
And it is that, although the panorama with the US currency is good in Bolivia, the rumors generate fear in the population, trigger a generalized purchase of the dollar without a basic foundation, and therefore make the price of the green ticket compared to the local currency fluctuate drastically.
The Bolivian authorities assured that 86% of the deposits in the financial system and 99% of the loan portfolio are in the Bolivian peso.
“As an authority on the financial system, I can forcefully assure that the financial system is completely solvent, it is stable, it enjoys a strength that allows it to have a high level of reliability,” Yujra explained in an interview with state-owned Bolivia TV.
Regarding possible legal proceedings, the official stated that the country’s financial services law has an article on financial crimes which establishes that anyone who discloses false information can be “subject to criminal proceedings with a sentence of up to 10 years in prison.”
With EFE and local media
