There are reports that these communications are not yet verified as issued directly by Banco Unión.

What we do know is true and verified is the following:

- The country is going through an economic crisis that makes it impossible to import fuel to cover internal demand.

- On Monday, the government passed the Supreme Decree 5348, via the Minister of Development Planning, which allows Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) to obtain dollars from Banco Unión's customers (both private customers and public actors) and then use them to import fuel.

- Those dollars belong to private savers, since the Central Bank of Bolivia has already used the dollars that private banks had deposited for the mandatory legal reserve requirement.

- The official exchanges rate is 6.85 BOB per dollar, whilst on P2P markets the BOB is trading at 12.5 BOB per dollar. nostr:note1n4hyjdfdmkp5vcg8an7v6mq5lh2a08tdw7gsrz64amppr7ye0yvqwf6dzd

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A poignant reminder that deposited funds in the bank are merely a liability of a bank to you.

#debasement #argentina #inflation #bitcoin