Bolivia’s foreign-currency reserves fell by US$187.7 million to US$474.2 million after payments of foreign obligations, while the Banco Central de Bolivia reported total net international reserves of US$3.93 billion on Sept. 30. Gold accounts for most of that headline total: it made up 87% of reserves, a share the central bank itself called “not recommendable.”
A bigger total, less cash on hand
The BCB reported net reserves of US$3.93 billion on Wednesday, Sept. 30, US$315.5 million above the roughly US$3.62 billion recorded at the end of June. Gross reserves, a separate measure, reached US$3.88 billion, an increase of 8.8%. The bank attributed the gap between the figures mainly to Bolivia’s position at the International Monetary Fund and currency valuations.
That growing total doesn’t mean the same amount is immediately available to pay for imports or service debt. Foreign-currency reserves, used for import bills and debt service, stood at US$474.2 million after the payments. The cash buffer had stood at US$661.9 million at the end of June. El Deber noted that the headline reserve total alone doesn’t show how many dollars the country can access immediately.
The BCB holds foreign currency in short-term instruments, mainly U.S. Treasury securities. U.S. exposures accounted for 68% of those holdings, the bank said, while supranational lenders accounted for 24%. The bank set the official exchange rate at 11.73 bolivianos per U.S. dollar for Oct. 10 to 12.
Gold drives the reported increase
Under Law 1503, the central bank bought 4.1 tonnes of gold on the domestic market during the quarter. Its holdings rose from 22.3 to 25.3 tonnes, valued at US$3.38 billion. Gold’s share of reserves climbed from 80% in June to 87%.
The BCB said it added one tonne to its gold holdings in September even as their market value fell by US$78 million. Foreign banks held 14.7 tonnes, BCB vaults held 8.9 tonnes and 1.7 tonnes were in transit. Toronto Dominion Bank held the largest amount among foreign banks, 6.0 tonnes, while JPMorgan Chase Bank held 1.4 tonnes.
Foreign-exchange operations with local banks added more than US$400 million during the quarter. The BCB called this a “genuine accumulation” of reserves. But gold made up most of the increase, and the report said the metal can’t be spent at once; the bank recommended greater diversification. The report didn’t say how quickly the BCB would act on that advice.
The unanswered questions behind the balance sheet
The BCB said Moody’s raised Bolivia’s rating from Caa3 to Caa2 with a positive outlook in early October, while the country remained deep in speculative grade. The report also said Fitch and S&P Global had upgraded Bolivia earlier in 2026.
The report covered July through September 2026. Its PDF carried the date Oct. 8, but the report gave no release date, identified none of the foreign obligations paid and offered no forecast for reserves at the end of 2026. By Sunday, Oct. 11, the bank hadn’t made any additional official comment.
The next quarterly report will cover October to December. The BCB cited an uncertain global backdrop, inflation pressure and geopolitical tension. For now, the figures show a larger reserve total alongside a smaller liquid-dollar portion than at the end of June—and a central bank warning that its holdings are too heavily concentrated in gold.