Monday, January 18, 2010

Bolivian Bank Reserves Grow to $8.7 Billion

On January 13th the President of the Bolivian Central Bank Luis Loza announced that Bolivia's national
reserves of US dollars have grown to 8.7 Billion thanks in large part to the nationalization of the country's oil and gas reserves by the state oil company YPFB.  Loza explained that the rise in Bolivia's gas exports came due to inceases in exports to Brazil and Argentina coupled with the steadily rising oil and gas prices of 2009. Loza stated to the press (quote) "What we want to say is that if there had not been the nationalization, the income that came in this very morning of 90 million dollars could have been going somewhere else, not inside the country, the nationalization means that we get to keep our salary in order to face our needs." Loza noted that despite pessimistic analyst opinions, Bolivian reserves grew from less than 8 billion in 2009 to 8.7 at year end despite the global financial crisis.

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