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FIVE MILESTONES MARK THE ACTIONS OF THE NEW ADMINISTRATION OF THE CENTRAL BANK OF ECUADOR

new3 bpThe new administration marked two months at the helm of the Central Bank of Ecuador (BCE) on August 9, 2021, in absolute commitment to the institutional mission: to be the custodian of dollarization, guarantee technical autonomy, and be at the service of Ecuadorians.

In this short period of time, five milestones have been reached that put an innovative stamp on the Bank’s management:

  • On June 30, 2021, the BCE signed a sale agreement with the Ministry of Economy and Finance (MEF) for the shares of three public banking entities. In this way, the BCE delivered its shares of the National Finance Corporation (CFN), BanEcuador, and the National Corporation of Popular and Solidary Finances (Conafips) for USD 2.378 billion, an amount that represents capital and interest and that will be disbursed by the MEF until 2035. This agreement seeks to remedy the mistakes of the past, recover the liquidity of the Central Bank, and protect dollarization.
  • Similarly, the amount of the liquidity line maintained with the Bank for International Settlements (BIS) has been doubled, and the number of letters of credit with the Foreign Trade Bank of Latin America (Bladex) has increased. These measures demonstrate the trust that international organizations have in the new administration of the Central Bank and in the government's economic policy.
  • As a result of a joint effort between the Central Bank of Ecuador, the Monetary and Financial Policy and Regulation Board (JPRMF), and the public and private sectors, the fee paid for receiving money through electronic transfers between different entities of the financial system was eliminated. This will represent more than USD 21 million in annual savings for citizens.
  • In order to provide Ecuador with a technical tool, the Central Bank has developed a new methodology for calculating interest rates. This new methodology aims to promote access to credit and boost financial inclusion in our country.

·         In these first 60 days, the Central Bank's telephone line has been strengthened. This way, the 2,600 monthly calls made by citizens will be answered effectively. At the same time, other services of the institution have been strengthened, such as the Numismatic Museum and the Tránsito Amaguaña Library, in order to guarantee quality service for citizens. In this way, the Central Bank of Ecuador, through its highest authority, Guillermo Avellán Solines, ratifies its commitment to be at the service of Ecuadorians, defend dollarization, guarantee the technical autonomy of the institution, and promote efficient means of payment.