Monetary Policy and Regulation Board issues rules for the operation and regulation of the foreign credit registry
2 diciembre 2021

ECUADOR

On November 26, the Monetary Policy and Regulation Board issued, through the Official Gazette, the entity’s operating regulations. The text indicates that the Board is the body responsible for the formulation of monetary policies and the highest governing body within the Central Bank of Ecuador (BCE), which will be in charge of the implementation of these policies. It also allows the agency to issue regulations on payment systems. Furthermore, the Board issued the Regulation of External Credit Registers for the Private Sector. The rules and regulations are already in effect.

Among the attributions and powers of the Board mentioned in the text are those of formulating policies and regulating the management of physical means of payment, evaluating financial stability risk indexes and issuing regulations in this respect, regulating the central payment system as well as the oversight, control and registration of auxiliary payment systems, setting commissions and fees for the central Bank’s services, etc.

With respect to the regulation of credits, the text indicates that external credits are agreed by legal or natural persons in Ecuador as debtors, with financial entities as creditors. It also indicates that the Central Bank will register credits that imply disbursement of monetary resources when such operations are for a term of 180 days or more.

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