Remittances: Four of every ten dollars come from Spain

El Diario reports:


Four of every ten dollars come from Spain

Screen Shot 2015-02-20 at 11.45.53 AMBolivia in 2014, received in remittances the sum of $1,163.6 million dollars, a 1.5% lower amount as compared to 2013, when Bolivia received $1,181.8 million dollars, according to the Central Bank of Bolivia (BCB).

According to a report from this institution, the decrease occurs because of the “return of the Bolivian population residing abroad”. [couldn’t it be because the economic crisis is hitting everywhere??!! … current Central Bank authorities are subdued to the ruling party in power… thus, this “naive explanation”]


The main source of remittances of workers is from Spain with 44.6%, right after with 16.5% are United States; Argentina 8.3%; Brazil 7.6%; Chile 7.4% and other countries 15.7%. The main destination of remittances was Santa Cruz with 40.2%, Cochabamba with 29.5%, La Paz with 16.4% and the rest of the country with 14%.


The BCB also reported that high demand for the purchase of securities in this year is primarily due to increased interest rate at 7% and a term of 63 and 273 days, superior to that offered in previous years performance. [however, the Central Bank also fails to report that in January the government also said that they would no longer issue such bonds…?!]

54% of customers (8,728) who bought BCB Christmas bonuses in the last two months, did with resources that withdrew from the financial entities. The sale of securities came to Bs664.3 million, 20.72% more than was planned to take place (Bs550 million).


The issuer stated that “the attractive rates of return offered by the BCB Christmas 2014 bonds and the largest influx of existing resources from late last year and early this year, ensured that public demand exceeds the projected goal of Bs550 million”.

In 2013, the interest rate for BCB Christmas bonds was 6% for a period of two and eight months. In 2012, it was set to 4% at two and four months, while in 2011 the offer was 6% for a period of three to nine months. (Source: Noticias Bancarias).

One thing is undeniable, Bolivian workers had to leave our country as there is no employment for them. Their families while they have the money they so desperately need to survive, also had to forego their daily love and counsel.

It makes me upset to read cheap propaganda from current government and to see that the Central Bank is not autonomous as it was before.

Published by Bolivian Thoughts

Senior managerial experience on sustainable development projects.

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