China’s ‘Billionaire Boys Club’ is now the ‘Bolivian Billionaire Boys’ club’
On Sunday, the Bolivian President, Evo Morales, hosted a meeting of the Bolivia’s Bolivarian National Bank and the Bolivan-based Bank of Bolivar.
The meeting was a rare display of solidarity among Latin American countries, which have long struggled to diversify away from oil and currency markets, and toward a new type of lending that is more focused on domestic consumption.
President Morales said the bank is the first among a growing number of Bolivia-based banks to use the Bolvian national currency, the bolivian peso, as its primary lending medium.
Bolivia is the world’s second-largest oil producer and one of the world top 10 oil exporters, but it has been struggling to diversate away from the commodities markets, with its currency having lost more than 80 percent of its value in recent years.
Last year, Morales sought to change that, opening a state-run bank to help diversify the economy and help the country meet its own debt obligations, but the bank has struggled to find the money to do so.
The president, a former banker, has sought to help the bank expand, as well as increase its ability to lend to businesses and people who can’t get access to the national currency.
The president also announced that the bank will no longer be the lender of last resort for borrowers who are not eligible for government guarantees, a move that will help to create a new lending mechanism for businesses, farmers and other sectors.
This new lending model, Morales said, is aimed at providing financial security to all Bolivians.
The bank’s head, Rafael Ruiz, told the meeting that it will be the first bank to be a fully diversified lending institution, including all of its assets and lending products, that is focused on economic development and will be focused on small and medium-sized businesses.
The President also announced the Bolivas National Bank will no long hold the reins of credit for local governments, but instead will focus on financing government projects.
In a statement, Morales called for more financial transparency and transparency of the process, which will enable a more equal and inclusive lending environment, and said that he would seek the help of the international community in the effort to promote transparency and equity among lenders and borrowers.
The Bolivarians new National Bank would help diversified businesses and small and large enterprises to compete with those who are heavily dependent on the Bolavian national market.