The measure is part of a schedule promoted by the Government to normalize access to foreign currency and gradually return the deposits in U.S. dollars that have been held due to the currency crisis affecting the country since 2023
Bolivia has been facing a crisis of dollar availability since early 2023, when the decline in international reserves began to hinder access to foreign currency. As a consequence, banks and financial entities imposed restrictions on withdrawing dollar deposits and carrying out certain international operations.
The Government of Bolivia has initiated a new phase of the process to return dollar deposits from the financial system, allowing savers with balances between 1,001 and 3,000 dollars to withdraw their funds in U.S. currency again.
The measure began to be implemented on July 15 and is part of a gradual plan aimed at normalizing access to foreign currency after nearly three years of restrictions caused by the shortage of dollars in the country.
The Minister of Economy, José Gabriel Espinoza, explained that this second phase of the program will benefit thousands of clients of the financial system and that the schedule will continue in a staggered manner until 2027. According to official projections, over the next year, more than 930 million dollars corresponding to deposits that had remained restricted due to the lack of liquidity in foreign currency will be returned.
The decision also includes the normalization of international remittance sending and receiving operations, another service that had been affected by the shortage of foreign currency. Authorities maintain that these measures aim to strengthen confidence in the financial system and progressively restore the normal functioning of the foreign exchange market.
The situation also favored the emergence of a parallel market, where the U.S. currency reached prices well above the official exchange rate.
Economic analysts pointed out that the gradual return of deposits could increase the liquidity of the financial system, reduce pressure on the informal foreign exchange market, and help restore savers' confidence.
The official schedule anticipates that, starting in August, those with balances between 3,001 and 5,000 dollars will be able to withdraw their deposits. Subsequently, the program will continue in a staggered manner with higher amounts until the return of deposits over 50,000 dollars is completed between April and July 2027.
Authorities maintain that the goal is to fully restore access to savings in foreign currency and advance the normalization of the Bolivian financial system after several years of restrictions stemming from the currency crisis.
