On November 13,  the Monetary and Financial Regulation Policy Board, through Resolution No. 541-2019-M, modified the “Regulations concerning Money Transfers abroad carried out through the Entities of the National Financial System“. The regulations are already in force.

The measure covers, among other things, “foreign currencies which may be collected by Ecuadorian financial institutions to support structured financing operations abroad by incorporating financial flows through special purpose vehicles”.

One of the more noteworthy aspects of the new regulation is that these foreign currencies are exempt from having to be credited in accounts at the Central Bank of Ecuador until one working day after the transfer.