Bolivia ditches new gold rule within days to curb ‘speculation’
me-metals: Bolivia’s central bank ditched new rules on reporting its gold reserves which it had published just two days earlier.
According to me-metals cited from mining.com, The bank said in a statement Friday that it wouldn’t implement the resolution to avoid “speculation that seeks to damage the economic stability of the country.”
The resolution would have allowed the bank to report its gold holdings twice a year: on Nov. 5 and May 5. That could potentially have allowed it to access more liquidity to pay for imports and address a crippling fuel shortage.
By law, the institution must keep at least 22 tons of the metal, but the change might have allowed it to drop below this level between the reporting dates.
Bolivia needs “flexibility” in the management of its gold holdings in order to maintain “the normal functioning of international payments in the country”, the bank said in the original resolution posted on its website.
On Friday, the bank’s president Edwin Rojas told reporters in La Paz that as of Nov. 7 the bank had $121 million in cash and about $1.9 billion in gold. The bank has more than 22 tons of the metal, he said.
Bolivia is undergoing an economic crisis as a shortage of foreign currency causes scarcity of fuel and other key goods as well as accelerating inflation. The crisis is being aggravated by clashes between supporters of President Luis Arce and former President Evo Morales.
source: mining.com
Related News
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
