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9/19/13

Bolivia International Currency Reserves now stand at U$14.5Bn

A chart:


Since breaking through the (psychologically at least) important barrier of U$1,000 in reserves per capita at some point in early 2011 (Bolivia's population is 10.46m, according to the CIA World Factbook), its reserves position hasn't done a sudden reverse as all of its knownothing detractors expected, but has gone from strength to strength. Today it stands at U$14.543Bn (as at September 6th 2013, the latest published dataset). So, we're now at U$1,400 a head, give or take a tenspot.

And why so? Well, according to the latest six month report from the central bank which was published today (link here, because we at IKN know you just love reading 55 page densely packed financial Spanish PDFs) and reports on the period to June 30th, "The increase is mainly due to the income from YPFB exports".

YPFB being the State owned oil and gas company, the people with the pipelines that supply Brazil, Argentina, themselves and a few others with all that natgas. Yup, remember that nationalization of the oil and gas industry that Evo ran when he came to office? That one which was never going to work and would all end in tears for Bolivia? I bet you've just worked out why you never get to hear about it anymore, too. Indeed, it worked and is working very well for Bolivia, that's why. Can't say nice things about Communists now, can we? Wouldn't be right.