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With national elections just days away, the daily worries of Bolivians can be summed up in three questions: How can they stretch incomes that no longer cover the basics? How can they find gasoline or diesel to get anywhere? And—though none of the contenders inspires much faith—which one might offer a real way out of economic collapse and uncertainty?

An equally urgent concern is the disappearance of U.S. dollars. Importers can’t pay for supplies abroad or settle even minimal debts with foreign partners. Ordinary citizens can hardly plan trips overseas or pay for now-essential services such as Netflix. The reason is simple: the Central Bank’s foreign reserves have all but dried up. In 2014, they stood at $13.46 billion; by 2022, they had plunged 94.7% to $709 million. The official exchange rate is still 6.96 bolivianos to the dollar, but speculation rules the streets. Since early 2023, the parallel dollar........

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