The main internal creditor of the State has a green light to buy more bonds. The Board of Monetary and Financial Regulation -made up of members of the government- increased the amount available so that the Bank of the Ecuadorian Institute of Social Security (Biess) buys certificates issued by the public sector. From 750 million, the budget increased to 870 million. That is, 120 extra million.
The amendment, issued on December 11, explains that the amount is for titles of the Ministry of Finance. It is valid, it says, for the rest of this year. That is, the reform was issued for a period of 20 days.
This is not the only change. Days before the end of the year, the Bank cut its budget to deliver mortgage loans. From 1,340 million to 1.285 million, 75 million less.
Trusts also made cuts. Fiduciary businesses of the IESS bank went from 109 million to 63 million dollars. A cut of 42%.
The cut occurs even though the bank records best figures of investment returns. In the same reform it is estimated an amount close to 1,202 million dollars, 90 million more that the projected return earlier this year.
Overall, the Biess, according to the resolution, will receive more money than expected this year. Revenues will add 5.232 million dollars, 580 million more than what was set.