International Reserves (IR) experienced an accumulation process throughout 2024, reaching USD 6.9 billion by December 31, 2024. This level of reserves represents an annual increase of USD 2.445 billion, which allowed for the coverage of 100% of the liabilities of the first and second balance systems of the Central Bank of Ecuador (BCE).

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.

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 in exports by 1.9% and imports by 0.2%.

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 financial operations, and their accounting records carried out in the country must be expressed in United States dollars.

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].

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%.

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.

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 an opinion of reasonableness, without reservations.

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 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.