Bolivia’s foreign-currency reserves fell by US$187.7 million after payments of foreign obligations, while gold purchases lifted net international reserves to US$3.93 billion on Sept. 30. The Banco Central de Bolivia said gold made up 87% of the total, and the liquid foreign-currency buffer stood at US$474.2 million.
The figures distinguish reserve wealth on paper from dollars available for immediate payments. The BCB says it uses foreign-currency reserves for import bills and debt service; they stood at US$661.9 million at the end of June. Most of the quarter’s reserve increase came from gold, which can’t be spent at once.
Gold Drives the Increase
The BCB bought 4.1 tonnes of gold on the domestic market during the quarter under Law 1503. Its holdings rose from 22.3 tonnes to 25.3 tonnes, valued at US$3.38 billion. Gold’s share climbed from 80% in June to 87%.
The central bank called that share “not recommendable” and advised greater diversification. Its report said the bank added one tonne of gold in September, even as the metal’s market value fell by US$78 million. The report didn’t say how quickly the BCB would act on its advice.
Of the gold holdings, foreign banks held 14.7 tonnes, the BCB kept 8.9 tonnes in its vaults, and 1.7 tonnes were in transit. Toronto Dominion Bank held the largest amount among foreign banks, 6.0 tonnes; JPMorgan Chase Bank held 1.4 tonnes.
Net reserves rose US$315.5 million from roughly US$3.62 billion at the end of June. Gross reserves, a separate measure, reached US$3.88 billion, up 8.8%. The BCB attributed the gap between net and gross totals mainly to Bolivia’s position at the International Monetary Fund and currency valuations.
Debt Payments and Available Dollars
The BCB said foreign-exchange operations with local banks added more than US$400 million during the quarter, calling the increase a “genuine accumulation” of reserves. That gain didn’t prevent the liquid foreign-currency total from falling after payments of foreign obligations.
El Deber noted that the headline reserve total alone doesn’t show how many dollars are immediately available. The BCB holds foreign currency in short-term instruments, mainly U.S. Treasury securities. It said U.S. exposures made up 68% of those holdings, while supranational lenders accounted for 24%.
The BCB didn’t identify the foreign obligations it paid. Its report gave no forecast for reserves at the end of 2026, either. The central bank set the official exchange rate at 11.73 bolivianos per U.S. dollar for Oct. 10 to 12.
Ratings and the Next Report
The BCB said Moody’s raised Bolivia’s rating from Caa3 to Caa2 with a positive outlook in early October. The rating 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. It cited an uncertain global backdrop, inflation pressure and geopolitical tension, and said the next quarterly report would cover October to December. The PDF carried the date Oct. 8, but the report gave no release date. By Sunday, Oct. 11, the BCB had made no additional official comment.