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Top related persons:
Marcelo Montenegro - 3 Daniel Ramos - 2 Luiz Inácio Lula da Silva - 1 Mikhail Ledenev - 1 Lucinda Elliott - 1 Richard Chang - 1 Read - 1 LA - 1
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Bolivia Argentina Brazil China Bolivian South America Wall Silicon
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Thomson - 2 Service - 1 Privacy - 1 Associated Press - 1 LA - 1 U.S - 1 Banco Union - 1 Russia's - 1

Search resuls for: "Marcelo Montenegro"


5 mentions found


☆ China's yuan expands its growing foothold in South America as Bolivia reduces reliance on US dollar
  + stars: | 2023-07-31 | by ( Jason Ma | ) www.businessinsider.com   time to read: +2 min
China's yuan is expanding its foothold in South America as Bolivia reduces its reliance on the dollar. The country's yuan transactions from May to July accounted for about 10% of its foreign trade in that span. Bolivia has been hit by dollar shortages recently as lower natural gas production hit exports. But the country has been hit by dollar shortages recently as lower natural gas production hit exports. Argentine companies are increasingly turning to China's yuan amid dollar shortages, though many consumers use the dollar in daily purchases as hyperinflation slams the peso.
Persons: Marcelo Montenegro, Luiz Inácio Lula da Silva Organizations: Service, Privacy, Associated Press Locations: South America, Bolivia, Wall, Silicon, South, Argentina, Brazil, China
☆ Bolivia challenges global dollar dominance with Chinese yuan, Russian rouble
  + stars: | 2023-07-28 | by ( ) www.reuters.com   time to read: +2 min
LA PAZ, July 28 (Reuters) - Bolivia's government is determined to curb dependence on the U.S. dollar for foreign trade, instead turning to the Chinese yuan, officials said, as Latin American support for alternative currencies grows. Bolivia has faced months of severe dollar shortages, driven in part by falling natural gas production, a key national export. Net foreign currency reserves have fallen to roughly $4 billion from a peak of $15 billion in 2014, pressuring state finances and threatening Bolivia's long-defended currency peg with the dollar. Not in dollars, but in its own currency," Montenegro said. Financial transactions worth 278 million Chinese yuan ($38.7 million) accounted for 10% of Bolivia's foreign trade in May through July, Montenegro said.
Persons: Marcelo Montenegro, Mikhail Ledenev, Daniel Ramos, Lucinda Elliott, Richard Chang Organizations: LA, U.S, Banco Union, Russia's, Thomson Locations: LA PAZ, La Paz . Bolivia, China, Montenegro, Bolivian, Russian, Bolivia, Moscow, Western, Russia, Beijing, Brazil, Argentina
☆ Analysis: Bolivia's creaking big state model rings warning bell in South America
  + stars: | 2023-06-27 | by ( Raul Cortes Daniel Ramos | Raul Cortes | Daniel Ramos | ) www.reuters.com   time to read: +5 min
The drain in hard currency sparked panic earlier in the year, with Bolivians forming lines outside banks to withdraw dollars. Bond yields spiked sharply and in May the government was forced to sell half of its $2.6 billion gold reserves to raise cash. A major drought in Argentina has hammered grains output and reserves, imperiling a $44 billion debt deal with the International Monetary Fund. "The model is now shifting towards a very big state, a tax-and-spend approach," he said. "It has calmed people a bit... but that amount (gained from the gold reserves sale), $1.3 billion, is not enough for Bolivia," said local financial analyst Jaime Dunn.
Persons: Read, LA, Evo Morales, Jose Gabriel Espinoza, Marcelo Montenegro, Alberto Ramos, Goldman Sachs, spender, Jaime Dunn, Reuters Graphics Espinoza, Morales, Raúl Cortés Fernández, Daniel Ramos, Adam Jourdan, Rosalba O'Brien Organizations: Departmental Association of Coca Producers, LA PAZ, Reuters, International Monetary Fund, Bolivian, Graphics, Banco, Reuters Graphics, MAS, Thomson Locations: La Paz, Bolivia, Bolivian, America, Argentina, Peru, Brazil, Chile, Colombia
☆ Bolivia's farm hub battles political capital over cattle and grains
  + stars: | 2023-01-12 | by ( Agustin Marcarian Monica Machicao | Agustin Marcarian | Monica Machicao | ) www.reuters.com   time to read: +4 min
[1/4] Soy plants are pictured on a farm in Enconada, on the outskirts of Santa Cruz de la Sierra, Bolivia, January 7, 2023. The tensions underscore a sharpening of a deep-seated rivalry between Santa Cruz and La Paz - Bolivia's farming hub and the political capital respectively - that have long butted heads over politics and resources. La Paz is an Andean stronghold with a large indigenous population that has traditionally titled towards the ruling socialist MAS party. "They can't resist on their own", said Montenegro, adding the rising economic pressures would force Santa Cruz producers to re-start supply within the country. Every Santa Cruz person has to fight, all Bolivians must fight for the well-being of Bolivia, for freedom."
☆ Bolivia to protect big-state economic model, plans‘aggressive’ gas push: minister
  + stars: | 2022-12-29 | by ( Monica Machicao | ) www.reuters.com   time to read: +3 min
LA PAZ, Dec 29 (Reuters) - Bolivia is committed to protecting its subsidy-reliant, big-state economic model despite deficit risks and is planning an "aggressive" push into gas exploration, the economy minister told Reuters. Economy Minister Marcelo Montenegro said the government has designed "a very aggressive exploration plan" for gas in 2023, but did not go into details. The government is projecting to shrink the 2023 deficit to about 7.5%. "It is not easy, because there are contracts that will last for years, even decades ... We have to push so that more profits remain for Bolivia," Montenegro said. Reporting by Monica Machicao in La Paz Written by Daniel Ramos Edited by Nicolás Misculin, Alexander Villegas and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
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