A report from Infobae explains that merchants prefer to use the Peruvian sol for their transactions. The dollar shortage has led even Peruvian exchange houses to limit operations with Bolivian pesos.
The shortage of dollars in Bolivia and the economic crisis is impacting not only the country but also beyond its borders. This is the case in Peru, where Bolivian merchants prefer to use Peruvian soles for their transactions, driving up the demand for this currency, according to a report from the digital newspaper Infobae.
The article explains that the current exchange rate in Desaguadero is one sol for Bs 2.70, which “makes the sol a more stable currency for daily commercial operations.”
“The Bolivian peso has dropped too much. Bolivians don’t want their money, they want more soles because their currency is very devalued,” said a seller interviewed by Canal N.
This preference is also affecting Peruvians, who claim that the sol is stable and “well-positioned,” whereas the Bolivian currency “is devalued.”
“As a result, Bolivian citizens have started to reduce their purchases due to the loss of value of their currency, which is also affecting the sales of Peruvian merchants in the area.”
Soles The report details that even in Bolivia there are difficulties in obtaining soles due to the demand. “No one wants to accept Bolivian pesos as a form of payment, exacerbating the problem. Citizens are, in turn, desperately seeking dollars to keep their businesses running and cover basic needs, but the lack of foreign currency is making the situation even worse.”
It also explains that Bolivians traveling to Peru face challenges when trying to exchange their money for soles or dollars, as it is difficult for Bolivian currency to be accepted in that country.
“The shortage of foreign currency has caused even Peruvian exchange houses to limit operations with Bolivian pesos. In some cases, they don’t even accept Bolivians, further complicating transactions for Bolivian visitors in Peru.”
The official exchange rate of the U.S. dollar in Bolivia is Bs 6.96 for sale and Bs 6.86 for purchase; however, its shortage has led to offers above Bs 10 in a parallel market. Since last year, Bolivia has been suffering from a lack of this currency. Despite the government's efforts, the shortage is affecting the business sector and the general population.
On Sunday, President Luis Arce explained that the shortage of foreign currency is due to the failure to safeguard the nationalization of hydrocarbons, the dependence on fuel imports, and the “blocked” loans in the Plurinational Legislative Assembly.
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