The Central Bank of Ecuador (BCE, in Spanish) and the Bank of the Republic of Colombia (BanRep, in Spanish) on October 16 announced a reciprocal cooperation agreement to “facilitate collaboration in areas of common interest.” See the statement issued by the BCE on this matter here. The agreement covers the payment system, financial innovation and cybersecurity. The entities will start working together in the short term. 

The areas of cooperation included are: monetary policy, reserve management, financial markets analysis, administration and oversight of the payment system, cybersecurity management, financial innovation, and the development of digital payments. With this agreement, both entities hope to improve their technical capacities to manage these areas. 

Implementation will begin shortly, consisting of multiple cooperation mechanisms such as study and research programs, seminars and technical visits. The agreement was signed by the BCE manager, Verónica Artola, and the BanRep general manager, Juan Echavarría. 

“We are proposing a joint work project for the next ten years, during which our entities will provide each other with technical support in those areas of daily competence,” noted Artola. Finally, Echavarría highlighted that the BanRep “will continue to cooperate with the BCE in areas such as operational risk management and asset laundering, in accounting management, among others.”