The Central Bank of Bolivia has released its report on the management of international reserves for the third four-month period of 2025, reporting that Net International Reserves ended 2025 at USD 3,713.2 million. This represents an increase of USD 1,736.7 million from end-2024, a positive change of 87.9%. Gold accounted for 85% of reserves, with valuations supported by higher international prices. The central bank described a technical management approach focused on capital preservation, security, liquidity and profitability, citing positive returns and appropriate risk controls. Looking to 2026, financial stability is described as conditioned by potential Federal Reserve rate cuts and ongoing geopolitical risks, while gold is characterised by historically high valuations above USD 5,000 per troy ounce. Against this backdrop of volatility and asset concentration, the central bank plans to prioritise security, liquidity and diversification in reserve investment to mitigate market risk and maintain adequate liquidity in the event of asset price corrections.