Banking sector asks to meet with the Monetary and Financial Board

Members of the banking sector want to meet with Patricio Rivera, Coordinating Minister for Economic Policy, who shall chair the Monetary and Financial Board, the body that regulates the Ecuadorian economy. César Robalino, President of the Association of Private Banks of Ecuador (ABPE for its Spanish acronym) said that they are looking to make some suggestions regarding the credit requirements, as well as the electronic money.

“We agree, but in so far that it is a means of paying for transaction purposes (…) because the temptations are huge (due to resources needed by the Government for the expansion of public spending), and they think about saying to the Central Bank: Buy here one billion dollars in government bonds and you credit them in an electronic account and start paying with electronic money the financing of public activities,” said Robalino.