“WeAreAStableCountry”, Bolivia’s central bank has said on Twitter repeatedly this month. The long queues of people outside its offices clamouring to buy dollars suggest otherwise.

The impoverished South American nation’s foreign exchange reserves have been shrinking for years, threatening the boliviano’s peg to the US dollar. As of February 8, just $372mn of net reserves and $3.5bn of gross reserves remained — not enough to cover even three months of imports. The central bank has not published fresh figures since and investors are asking how long Bolivia can stave off a devaluation.

In a sign of the deepening crisis, Fitch on Tuesday downgraded Bolivia’s debt deeper into junk territory, assigning it a B minus rating with a negative outlook. The rating agency cited “heightened uncertainty around the authorities’ ability to manage this situation, as well as around its severity given an ongoing delay in publication of international reserves data”.