Bolivia Decides to Sell 21 mt of Gold Reserves to Pay Foreign Debt as it Comes Due

Bolivia's parliament passed a decree on May 5 allowing the country's central bank to sell 21 mt of gold reserves (approximately $1.26 billion), the proceeds of which will be used to pay off the country's maturing foreign debt and stabilise the country's exchange rate. The decree stipulates that Bolivia must hold at least 22 mt of gold as a strategic reserve that cannot be sold and allows the central bank to buy gold from the domestic market.