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Albania

3. Legal Regime

6. Financial Sector

Algeria

3. Legal Regime

6. Financial Sector

Andorra

3. Legal Regime

6. Financial Sector

Angola

3. Legal Regime

6. Financial Sector

Antigua and Barbuda

3. Legal Regime

6. Financial Sector

Argentina

3. Legal Regime

6. Financial Sector

Armenia

3. Legal Regime

6. Financial Sector

Australia

3. Legal Regime

6. Financial Sector

Austria

3. Legal Regime

6. Financial Sector

Azerbaijan

3. Legal Regime

6. Financial Sector

Bahrain

3. Legal Regime

6. Financial Sector

Bangladesh

3. Legal Regime

6. Financial Sector

Barbados

3. Legal Regime

6. Financial Sector

Belarus

3. Legal Regime

6. Financial Sector

Belgium

3. Legal Regime

6. Financial Sector

Belize

3. Legal Regime

6. Financial Sector

Benin

3. Legal Regime

6. Financial Sector

Bolivia

3. Legal Regime

6. Financial Sector

The government’s general attitude toward foreign portfolio investment is neutral.  Established Bolivian firms may issue short or medium-term debt in local capital markets, which act primarily as secondary markets for fixed-return securities.  Bolivian capital markets have sought to expand their handling of local corporate bond issues and equity instruments.  Over the last few years, several Bolivian companies and some foreign firms have been able to raise funds through local capital markets.  However, the stock exchange is small and is highly concentrated in bonds and debt instruments (more than 95 percent of transactions).  The number of total transactions in 2021 was around 28 percent of GDP.

From 2008-2019, the financial markets experienced high liquidity, which led to historically low interest rates.  However, liquidity has been more limited in recent years, and there are some pressures to increase interest rates.  The Bolivian financial system is not well integrated with the international system and there is only one foreign bank among the top ten banks of Bolivia.

In October 2012, Bolivia returned to global credit markets for the first time in nearly a century.  In 2017, Bolivia sold USD 1 billion at 4.5 percent for ten years, with U.S. financial institutions managing the deal.  The resources gained from the sales were largely used to finance infrastructure projects. A sovereign bond issuance of up to $2 billion was approved by the National Assembly for 2022 but had not yet occurred as of April 2022. The Bolivian government’s attempt to refinance $2 billion in sovereign debt in February 2022 fell short, with only $850 million sold. The government had also hoped the new issuance would be for a 10-year term but had to settle for eight years (a 2030 maturity) for all the resold bonds. The interest rate for the new bonds is 7.5%, compared to interest rates of approximately 5% for the original bonds.

The government and central bank respect their obligations under IMF Article VIII, as the exchange system is free of restrictions on payments and transfers for international transactions.

Foreign investors legally established in Bolivia can get credits on the local market.  However, due to the size of the market, large credits are rare and may require operations involving several banks.  Credit access through other financial instruments is limited to bond issuances in the capital market.  The 2013 Financial Services Law directs credit towards the productive sectors and caps interest rates.

Bosnia and Herzegovina

3. Legal Regime

6. Financial Sector

Botswana

3. Legal Regime 

6. Financial Sector 

Brazil

3. Legal Regime

6. Financial Sector

Brunei

3. Legal Regime

6. Financial Sector

Bulgaria

3. Legal Regime 

6. Financial Sector 

Burkina Faso

3. Legal Regime

6. Financial Sector

Burma

3. Legal Regime

6. Financial Sector

Burundi

3. Legal Regime

6. Financial Sector

Cabo Verde

3. Legal Regime

6. Financial Sector

Cambodia

3. Legal Regime

6. Financial Sector

Cameroon

3. Legal Regime

6. Financial Sector

Canada

3. Legal Regime

6. Financial Sector

Chad

3. Legal Regime

6. Financial Sector

Chile

3. Legal Regime

6. Financial Sector

China

3. Legal Regime

6. Financial Sector

Colombia

3. Legal Regime

6. Financial Sector

Costa Rica

3. Legal Regime

6. Financial Sector

Côte d’Ivoire

3. Legal Regime

6. Financial Sector

Croatia

3. Legal Regime

6. Financial Sector

Cyprus

3. Legal Regime

6. Financial Sector

Czechia

3. Legal Regime  

6. Financial Sector  

Democratic Republic of the Congo

3. Legal Regime

6. Financial Sector

Denmark

3. Legal Regime

6. Financial Sector

Djibouti

3. Legal Regime

6. Financial Sector

Dominica

3. Legal Regime

6. Financial Sector

Dominica

3. Legal Regime

6. Financial Sector

Dominican Republic

3. Legal Regime

6. Financial Sector

Ecuador

3. Legal Regime

6. Financial Sector

Egypt

3. Legal Regime

6. Financial Sector

El Salvador

3. Legal Regime

6. Financial Sector

Equatorial Guinea

3. Legal Regime

6. Financial Sector

Eritrea

3. Legal Regime

6. Financial Sector

Estonia

3. Legal Regime

6. Financial Sector

Eswatini

3. Legal Regime

Ethiopia

3. Legal Regime

6. Financial Sector

Fiji

3. Legal Regime

6. Financial Sector

Finland

3. Legal Regime

6. Financial Sector

France and Monaco

3. Legal Regime

6. Financial Sector

Gabon

3. Legal Regime

6. Financial Sector

Georgia

3. Legal Regime

6. Financial Sector

Germany

3. Legal Regime

6. Financial Sector

Ghana

3. Legal Regime 

6. Financial Sector 

Greece

3. Legal Regime

6. Financial Sector

Grenada

3. Legal Regime

6. Financial Sector

Guatemala

3. Legal Regime

6. Financial Sector

Guinea

3. Legal Regime

6. Financial Sector

Guyana

3. Legal Regime

6. Financial Sector

Haiti

3. Legal Regime

6. Financial Sector

Honduras

3. Legal Regime

6. Financial Sector

Hong Kong

3. Legal Regime

6. Financial Sector

Hungary

3. Legal Regime

6. Financial Sector

Iceland

3. Legal Regime

6. Financial Sector

India

3. Legal Regime

6. Financial Sector

Indonesia

3. Legal Regime

6. Financial Sector

Iraq

3. Legal Regime

6. Financial Sector

Ireland

3. Legal Regime

6. Financial Sector

Israel

3. Legal Regime

6. Financial Sector

Italy

3. Legal Regime

6. Financial Sector

Jamaica

3. Legal Regime

6. Financial Sector

Japan

3. Legal Regime

6. Financial Sector

Jordan

3. Legal Regime

6. Financial Sector

Kazakhstan

3. Legal Regime

6. Financial Sector

Kenya

3. Legal Regime

6. Financial Sector

Kosovo

3. Legal Regime

6. Financial Sector

Kuwait

3. Legal Regime

6. Financial Sector

Kyrgyz Republic

3. Legal Regime

6. Financial Sector

Laos

3. Legal Regime

6. Financial Sector

Latvia

3. Legal Regime

6. Financial Sector

Lebanon

3. Legal Regime

6. Financial Sector

Lesotho

3. Legal Regime

6. Financial Sector

Liberia

3. Legal Regime

6. Financial Sector

Libya

3. Legal Regime

6. Financial Sector

Lithuania

3. Legal Regime

6. Financial Sector

Luxembourg

3. Legal Regime

6. Financial Sector

Macau

3. Legal Regime

6. Financial Sector

Malawi

3. Legal Regime

6. Financial Sector

Maldives

3. Legal Regime

6. Financial Sector

Mali

3. Legal Regime

6. Financial Sector

Malta

3. Legal Regime

6. Financial Sector

Mauritania

3. Legal Regime

Mauritius

3. Legal Regime

6. Financial Sector

Mexico

3. Legal Regime

6. Financial Sector

Micronesia

3. Legal Regime

6. Financial Sector

Moldova

3. Legal Regime

6. Financial Sector

Mongolia

3. Legal Regime 

6. Financial Sector 

Montenegro

3. Legal Regime

6. Financial Sector

Morocco

3. Legal Regime

6. Financial Sector

Mozambique

3. Legal Regime

6. Financial Sector

Namibia

3. Legal Regime

6. Financial Sector

Nepal

3. Legal Regime

6. Financial Sector

New Zealand

3. Legal Regime

6. Financial Sector

Nicaragua

3. Legal Regime

6. Financial Sector

Niger

3. Legal Regime

6. Financial Sector

Nigeria

3. Legal Regime

6. Financial Sector

North Macedonia

3. Legal Regime

6. Financial Sector

Norway

3. Legal Regime

6. Financial Sector

Oman

6. Financial Sector 

Pakistan

3. Legal Regime

6. Financial Sector

Palau

3. Legal Regime

6. Financial Sector

Panama

3. Legal Regime

6. Financial Sector

Papua New Guinea

3. Legal Regime

6. Financial Sector

Paraguay

3. Legal Regime

6. Financial Sector

Peru

3. Legal Regime

6. Financial Sector

Poland

3. Legal Regime

6. Financial Sector

Portugal

3. Legal Regime

6. Financial Sector

Qatar

3. Legal Regime

6. Financial Sector

Republic of the Congo

3. Legal Regime

6. Financial Sector

Romania

3. Legal Regime

6. Financial Sector

Rwanda

3. Legal Regime

6. Financial Sector

Saint Kitts and Nevis

3. Legal Regime

6. Financial Sector

Saint Lucia

3. Legal Regime

6. Financial Sector

Saint Vincent and the Grenadines

3. Legal Regime

6. Financial Sector

Samoa

3. Legal Regime

6. Financial Sector

Sao Tome and Principe

3. Legal Regime

6. Financial Sector

Saudi Arabia

3. Legal Regime

6. Financial Sector

Senegal

3. Legal Regime

6. Financial Sector

Serbia

3. Legal Regime

6. Financial Sector

Seychelles

3. Legal Regime

6. Financial Sector

Sierra Leone

3. Legal Regime

6. Financial Sector

Singapore

3. Legal Regime

6. Financial Sector

Slovakia

3. Legal Regime

6. Financial Sector

Slovenia

3. Legal Regime

6. Financial Sector

Somalia

3. Legal Regime

6. Financial Sector

South Africa

3. Legal Regime

6. Financial Sector

South Korea

3. Legal Regime

6. Financial Sector

South Sudan

3. Legal Regime

6. Financial Sector

Spain

3. Legal Regime

6. Financial Sector

Sri Lanka

3. Legal Regime

6. Financial Sector

Sudan

3. Legal Regime

6. Financial Sector

Suriname

3. Legal Regime

6. Financial Sector

Sweden

3. Legal Regime

6. Financial Sector

Switzerland and Liechtenstein

3. Legal Regime

6. Financial Sector

Taiwan

3. Legal Regime

6. Financial Sector

Tajikistan

3. Legal Regime

6. Financial Sector

Tanzania

3. Legal Regime

6. Financial Sector

Thailand

3. Legal Regime

6. Financial Sector

The Bahamas

3. Legal Regime

6. Financial Sector

The Gambia

3. Legal Regime

6. Financial Sector

The Netherlands

3. Legal Regime

6. Financial Sector

The Philippines

3. Legal Regime

6. Financial Sector

Timor-Leste

3. Legal Regime

6. Financial Sector

Togo

3. Legal Regime

6. Financial Sector

Trinidad and Tobago

3. Legal Regime

6. Financial Sector

Tunisia

3. Legal Regime

6. Financial Sector

Turkey

3. Legal Regime

6. Financial Sector

Turkmenistan

3. Legal Regime

6. Financial Sector

Uganda

3. Legal Regime

6. Financial Sector

United Arab Emirates

3. Legal Regime

6. Financial Sector

United Kingdom

3. Legal Regime   

Uruguay

3. Legal Regime

6. Financial Sector

Uzbekistan

3. Legal Regime

6. Financial Sector

Vietnam

3. Legal Regime

6. Financial Sector

West Bank and Gaza

3. Legal Regime

6. Financial Sector

Zambia

3. Legal Regime

6. Financial Sector

Zimbabwe

3. Legal Regime

6. Financial Sector

Investment Climate Statements
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U.S. Department of State

The Lessons of 1989: Freedom and Our Future