U.S. Federal Reserve Chair Jerome Powell (rear) attends a press conference in Washington, D.C., the United States, on June 15, 2022. (Xinhua/Liu Jie)
The price readjustment is "due to the worldwide increase in interest rates in U.S. dollars, which was generated by the U.S. Federal Reserve (Fed) and other monetary authorities around the world, in order to reverse the inflationary process," the bank said.
LA PAZ, Nov. 18 (Xinhua) -- The Central Bank of Bolivia (BCB) on Friday said that it has raised the commission for financial intermediaries for the first time in eight years, such as banks and exchange houses.
The commission rose from 0.1 percent to 0.2 percent, which took effect on Nov. 16.
The price readjustment is "due to the worldwide increase in interest rates in U.S. dollars, which was generated by the U.S. Federal Reserve (Fed) and other monetary authorities around the world, in order to reverse the inflationary process," the bank said.
"This increase translates into higher import costs of monetary material in dollars for the BCB," it added.
The Fed raised the interest rate by 0.75 percentage points earlier this month in a bid to curb inflation.
Bolivian economist Mike Gemio told Xinhua recently that the Fed hike is likely to impact the region's developing economies by making it harder to service loans or attract foreign investment, leading to economic slowdowns. ■
