HomeWorld22 banks in Bolivia are sanctioned for speculation in the sale of dollars

22 banks in Bolivia are sanctioned for speculation in the sale of dollars

Offending institutions are required to return money to affected customers

In Bolivia, 22 financial institutions were sanctioned by the Financial System Authority (ASFI) for engaging in speculation in the sale of dollars and for higher charges in transactions abroad.

According to the director of Standards and Principles of the Financial System Supervision Authority (ASFI), Amílcar Gonzales, it was determined that there were violations of the regulations and regulations of the Central Bank of Bolivia (BCB), reports Sputnik.

In this sense, - he pointed out to the local press - that the dollar was sold at exchange rates higher than the established one, for which 22 sanctioning processes have already been initiated.

Among the establishments that failed to comply with the rule, there are eight multiple banks, an SME bank, four exchange offices, a credit card management company, three investment fund management companies and a holding company.

Now, the offending institutions are obliged to return 7.9 million bolivianos in favor of around 9.200 clients who were harmed, since they overpaid in the operations that were observed.

On May 20, mobilizations and road blockades were recorded in the departments of Oruro (southwest), La Paz (west) and Santa Cruz (east) in the heavy transportation and commerce sectors to demand a greater injection of currency into the economy.

Due to the shortage of dollars for their foreign trade operations, pharmaceutical businessmen and importers also spoke out with complaints.

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