On Wednesday, October 9, 2024, an attempted robbery took place by more than 20 heavily armed criminals at kilometer 90 of the Cuenca-Molleturo highway, against a convoy of the Central Bank of Ecuador (BCE) transporting monetary values. With deep regret, we inform that this event claimed the life of a member of our banking security […]

In the second quarter of 2024, Ecuador’s Gross Domestic Product (GDP) recorded a 2.2% decrease compared to the same period in 2023[1]. This performance was related to year-on-year contractions in gross fixed capital formation (GFCF) by 8.2%, household consumption by 2.2%, and government spending by 0.6%. On the other hand, there were positive annual variations […]

Based on Article 94 of the Organic Monetary and Financial Code (COMF), the Monetary Policy and Regulation Board (JPRM) issued Resolutions No. JPRM-2022-005-M, dated February 11, 2022, and No. JPRM-2023-015-M, dated August 9, 2023, which establish that the legal tender in the Republic of Ecuador is the United States dollar. Therefore, all transactions, monetary and […]

In the first quarter of 2024, the Gross Domestic Product (GDP) of Ecuador grew by 1.2% compared to the same period in 2023. This behavior was mainly due to the reduction in imports by 3.3%[1], and by a positive change in stocks (inventories). However, the main components of GDP presented year-on-year contractions: government spending at […]

In 2023, Ecuador’s Gross Domestic Product (GDP) grew by 2.4%[1], lower than the 6.2% growth achieved in 2022. This growth was driven by the dynamism of government expedinture, which increased by 3.7%; exports by 2.3%; household consumption at 1.4%; and, the Gross Fixed Capital Formation (GFCF) at 0.5%. At the industry level, 13 of the […]