Assembly decides to send Monetary Code Reform Bill back to Executive
11 febrero 2021

ECUADOR

On February 10, the Legislative Administration Council (CAL, for its acronym in Spanish) of the National Assembly decided to send the bill for the Defense of Dollarization, reforming the Organic Monetary and Financial Code (COMYF, for its acronym in Spanish), back to the Executive branch. During the session, CAL members decided not to qualify the initiative since it “does not comply with the requirements of the Constitution and the law.” For its part, the Executive may resubmit the proposal with the necessary changes to allow the Assembly to discuss it. The Executive branch is expected to introduce the new regulation in the next few days.

In this regard, legislator Patricio Donoso (CREO – opposition), and a member of CAL, explained that the bill was returned to the Presidency since “there are errors that must be rectified.” Donoso pointed out that “some articles do not even refer to which law is being reformed.” Likewise, the legislator said that there were mistakes in the drafting, and asked the Executive to resend the initiative again once corrected.

It is worth mentioning that the proposal backed by President Lenín Moreno is part of the structural objectives agreed between Ecuador and the International Monetary Fund (IMF). According to the government, this initiative seeks to “defend dollarization” and guarantee the autonomy of the Central Bank of Ecuador.  

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