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Wealth
Economics

Wealthy Bolivians Sent Money Abroad When Socialists Retook Power

  • Reserves fell sharply in the weeks after the Oct. 18 election
  • Wall Street doesn’t share nervousness over the new government

Bolivia’s international reserves plunged in recent weeks as wealthier locals and corporations bought dollars and moved money out of the country after the socialist movement returned to power.

Reserves dropped to a 13-year low of $5.1 billion on Nov. 20, down $1.3 billion since the end of September, according to data from the central bank. The bank says the drop was a temporary phenomenon related to the elections in October, and that demand for dollars has since returned to normal.