Bolivia severs dollar link after 15 years

Bolivia announced the end of its national currency's peg to the dollar after 15 years, adopting a flexible exchange rate system aimed at restoring financial stability and enhancing confidence in the economy. The government indicated that the Central Bank will oversee the new system, which seeks to improve fiscal balance and external competitiveness. This move comes amid a dollar crisis and declining foreign reserves, with the unofficial dollar rate reaching around 20 Bolivianos, while the Central Bank updated the official exchange rate to 9.73 Bolivianos, representing a real devaluation of about 30%. Experts believe this step could improve Bolivia's prospects of obtaining financial support from the International Monetary Fund, which had previously recommended ending the currency peg to the dollar.

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