Bolivia Turns Amazon Gold Into $3 Billion Lifeline Amid Dollar Crunch

Bolivia’s central bank has raised more than $3 billion by purchasing domestically mined gold with local currency, refining the metal in Turkey and depositing it in London vaults before swapping it for U.S. dollars. The strategy is aimed at easing a persistent shortage of hard currency that has strained the country’s ability to service sovereign bonds and finance fuel imports. Officials say the proceeds have helped meet near-term debt payments, but miners and industry groups warn the rapid buying spree is drawing gold from informal operations in the Amazon that lack environmental controls and proper oversight. Critics argue that the rush for bullion could entrench illegal mining and deforestation even as it provides the government with a temporary financial lifeline.