In a statement issued after the XLI Meeting of Presidents of Central Banks of South America, held in Quito, the Central Bank of Ecuador reported that digital payments in the South American region experienced an impressive growth of 84 % in the annual volume of retail transactions between 2018 and 2022.

During this meeting, the monetary authorities of the region discussed various economic issues, including the impact of the United States monetary policy in South America, the role of central banks in the innovation of payment systems, the estimation of the interest rate neutral and the determining factors of inflation at a global, sectoral and local level.

One of the highlights was the crucial role of payment systems in the region during and after the Covid-19 pandemic. South American central banks have been promoting initiatives to advance regulation and innovation in this field, promoting the creation of instant payment platforms, greater interoperability between participants in the payments’ ecosystem, and financial inclusion.

In addition, the importance of estimating the neutral interest rate and its impact on the economic variables of the countries was discussed, with emphasis on the uncertainty in its estimation and structural changes. The inflationary dynamics in the region were also analyzed, highlighting the influence of local factors in Latin American countries.

Representatives from Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay participated in the meeting and agreed to convene the XLII Meeting in Colombia in the second half of 2024.

In the next edition, research on payment systems and cross-border payments will be delved into, methods for estimating potential gross domestic product in the region will be analyzed, and the determinants of inflation in the region will be explored, with contributions from different central banks.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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The gold marketing program of the Central Bank of Ecuador, which includes small miners and artisanal miners, has earned it the Central Banking Awards 2023.

Authorities from the local bank reported it this Friday through a statement highlighting: “This international award represents a milestone in terms of institutionality and transparency for the public sector and the ECB.”

The awarding of the award to the ECB took place at an event this week in London attended by the Monetary Policy and Regulation Board and the ECB, who “received recognition for the efforts made by the institution to promote artisanal and small-scale mining sustainable in our country.

During the ceremony, recognition was also made of the “good practices of the Central Bank Program in environmental matters”, as well as its work against money laundering.

Regarding the gold marketing program for which they have received the Central Banking Awards 2023, it was learned that in March 2022 “the ECB successfully concluded the refining and certification process of 80,850.7 troy ounces of non-monetary gold, which allowed to incorporate into the International Reserve (IR) of Ecuador certified gold bars whose value at the date of their registration was 157.9 million dollars.”

Later, in October, the BCE signed a cooperation agreement with BanEcuador, the Ministry of Environment, Water and Ecological Transition, and the Ministry of Energy and Mines, to achieve “the legal and sustainable development of small-scale mining and artisanal mining, through rigorous certification processes, and the granting of financing facilities through BanEcuador”.

Responsible mining, achieving monetary stability, in addition to strengthening the dollarization process in Ecuador, make up the greatest challenge for the nation and the ECB.

M.Pino

Source: swissinfo

(Reference image source: Unsplash, in collaboration with Planet Volumes)

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This Tuesday, the Government of Ecuador reported to the local media its decision to prepare a Monetary and Financial Code that seeks the autonomy of the Central Bank, it must be approved by the National Assembly before the term of the incumbent president, Lenin Moreno, ends.

The Minister of Economy, Mauricio Pozo, also announced that he plans to prepare certain reforms in the tax, labor and social security order.

According to the executive, said code is part of a commitment acquired by the Government in the agreement signed with the International Monetary Fund (IMF) for an amount of 6 billion dollars.

The measure that is still considered a study, is considered a mechanism to give the Central Bank independence in its functions, administrative freedom and the implementation of an autonomous corporate government.

Despite the fact that no further details of the reforms have been known, Pozo indicated that regarding the pension system it will be managed in a comprehensive manner, with the aim of “making social security sustainable.”

K.Villarroel

Source: bancaynegocios

La entrada Government of Ecuador intends to emancipate the Central Bank before his departure apareció primero en Bitfinance.