Bolivia’s net international reserves reached US$3.93 billion on Sept. 30, while foreign-currency reserves available for imports and debt service fell to US$474.2 million after payments of foreign obligations, according to the Banco Central de Bolivia (BCB). Gold made up 87% of the holdings, a concentration the central bank called “not recommendable.” The total rose. The liquid-dollar cushion shrank.
What the Reserve Total Shows
The BCB reported net reserves of US$3.93 billion, US$315.5 million more than the roughly US$3.62 billion recorded at the end of June. Gross reserves, a separate measure, reached US$3.88 billion, up 8.8%. The bank said Bolivia’s position at the International Monetary Fund and currency valuations mainly explained the gap between net and gross reserves.
Foreign-exchange operations with local banks brought in more than US$400 million during the third quarter. The BCB described this as a “genuine accumulation” of reserves. Its report covered July through September 2026.
Under Law 1503, the bank bought 4.1 tonnes of gold on the domestic market during the quarter. Its holdings climbed from 22.3 to 25.3 tonnes, valued at US$3.38 billion. Gold’s share of reserves rose from 80% in June to 87% on Sept. 30.
Gold Holdings and Available Dollars
Foreign banks held 14.7 tonnes of the gold, while 8.9 tonnes sat in BCB vaults and 1.7 tonnes remained in transit. Toronto Dominion Bank held the largest amount among foreign banks, 6.0 tonnes; JPMorgan Chase Bank held 1.4 tonnes.
The BCB said it added one tonne to its gold holdings in September even as the market value fell by US$78 million. It recommended greater diversification. Most of the reserve gain came from gold, the report said, and the bank can’t spend it all at once.
Foreign-currency reserves dropped by US$187.7 million to US$474.2 million after payments of foreign obligations. At the end of June, the cash buffer stood at US$661.9 million. El Deber noted that the headline reserve total alone doesn’t show how many dollars are immediately available.
The BCB keeps 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 official exchange rate was 11.73 bolivianos per U.S. dollar for Oct. 10 to 12.
Ratings and What the Report Leaves Open
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 gave no release date, though its PDF carried the date Oct. 8. It didn’t identify which foreign obligations the bank paid or provide a reserves forecast for the end of 2026. By Sunday, Oct. 11, the BCB had made no additional official comment, and no one knew how quickly the bank would act on its advice to diversify away from gold.
The BCB said its next quarterly report would cover October to December and cited an uncertain global backdrop, inflation pressure and geopolitical tension. The report tracks rising total reserves alongside falling liquid dollars, but offers no details on effects on particular groups of Bolivians or public responses to the reserve policy.