Banco Pichincha: there is no reason for a bank holiday

(Source: clave.com.ec)

The president of Banco Pichincha, Antonio Costa, said today that “there are no conditions on national economic, nor policies to think that authorities can declare a bank holiday,” regarding the rumors of the subject on social networks.

Acosta recalls that it was this government the one that prohibited the “bank holiday” and there is even a criminal provision against this. “I do not see any reason in the economic, legal and political context to justify a decision of that nature,” he said stressing that authorities “would be crazy” if they did.

He said that the financial system is quiet, solid and solvent, and he sees no reason to dedollarize the economy, because although there is a noticeable decline in oil revenues, “the price at which the oil is being sold is not bad.” Finally, he said that Banco Pichincha is not for sale.