The Financial System Supervisory Authority (ASFI) of bolivian reaffirmed its commitment to the solidity and solvency of the Finance systemcountering the speculations that circulate about possible “significant” changes in the system or a dreaded “corralito for deposits in dollars“. Through an official statement, the regulatory entity presented concrete data that support their position.
In this sense, ASFI highlighted that the deposit growth records an increase of 4% when comparing the data of December 2020 with that of June of this year. In addition, the loan portfolio shows an increase close to 2,000 million during the last 12 monthswhich clearly reflects the positive dynamics of the financial system.
Regarding the allegedcorralito for deposits in dollars“, ASFI refuted these assertions by providing hard figures. Deposits in Bolivian currency represent a solid 88.1% of total deposits as of Junethus discrediting any speculation on restrictions on deposits in dollars.
Bolivia: denying the corralito
The regulatory body has stressed that the datos completely refute the idea of a “playpen”demonstrating that the deposits to fixed term in dollars have experienced a 3% increase between December 2022 and June 2023.
In addition, savings accounts in dollars they have remained at levels similar to those registered at the end of the 2022 management. This clearly contradicts the arguments put forward by the financial analysts who had raised these unfounded concerns.
Facing the “erroneous versions of certain analysts and the media,” ASFI maintains that these wrong conclusions are derived from an inaccurate interpretation of published figures by the regulatory entity.
currency strength
Meanwhile, in an international context characterized by ccertain fragility due to the inflationary indexes in several nations of the region, the currency of Bolivia has shown its resilience. The Bolivian Minister of Economy, Marcelo Montenegrorecently reported that the Bolivian currency has maintained its strength, highlighting that 99.2% of loans and 88.0% of savings have been in Bolivianos since May 2023.
The economic evolution of the country has been remarkable, contrasting with the past. In 1997, only a small percentage of deposits (6.6%) and loans (3.4%) in the Bolivian financial system were made in the local currency due to the dollarization of the economy.
However, andThis trend changed as of 2007. This independence in monetary and exchange matters has provided stability to purchasing power of Bolivian citizens and has expanded opportunities in the local market for savings, investment, loans and commerce.
In addition, inflation rates remain controlled in Bolivia, with an annual variation rate of the Consumer Price Index (CPI) of 2.7% in July and a cumulative rate of 1.2% so far this year. These indicators place the country in an enviable position with respect to global inflation levels.
Source: Ambito
