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 […]

In the last five years, the use of electronic means of payment in Ecuador has increased by companies and citizens, reflecting greater confidence in this means of payment, which offers benefits such as greater security and efficiency, compared to traditional physical means of payment such as cash and check. In 2023, the main method of […]

The Central Bank of Ecuador (BCE), in compliance with the provisions of Article 31 of the Organic Monetary and Financial Code (COMF), published its audited financial statements for the fiscal year 2023. Furthermore, in accordance with Article 30 of the aforementioned Code, the financial statements included the opinion of the independent external auditor who issued […]

Good management of public finances by the National Government is one of the main aspects for the proper functioning of the dollarization system in Ecuador. This involves generating sufficient permanent income to cover public spending in essential sectors, as well as having access to financing under favorable conditions for necessary investments in public infrastructure. The […]

The Free Trade Agreement (FTA) between Ecuador and China would mark a historic milestone for our country as the first trade agreement with an Asian nation. Currently, the agreement is undergoing review and approval by the National Assembly. The Central Bank of Ecuador (CBE), exercising its technical autonomy, issues the following analysis on the trade […]

The Central Bank of Ecuador (BCE), in compliance with its function of preserving and managing the country’s International Reserves (IR), carried out a technical assistance with the World Bank at the beginning of 2023, followed by another with the Inter-American Development Bank. The objective was to analyze the management and composition of the IR[1]. As […]

After reaching one of the highest levels since the start of dollarization in January 2023, International Reserves (IR) stood at USD 4.45 billion on December 31, 2023. This reserve level allowed covering 100% of the liabilities of the first balance system of the Central Bank of Ecuador (BCE) and 43% of the second. In other […]

The Central Bank of Ecuador (BCE), in compliance with its function of preparing, analyzing and publishing macroeconomic synthesis statistics in a technical and transparent manner, makes available to the public the results of the Base Year Change Project (BYC) of the National Accounts. Over the last six years, the Central Bank has worked on the […]