Commission of Economic Regime collects observations about Monetary Code

The Commission on Economic and Tax Regime is collecting observations on the Organic Monetary and Financial Code. Until late this week, the Commission shall have the report ready for the first debate in the Plenary and the code should be approved or rejected until July 25.

The document establishes the end of the Ecuadorian Housing Bank and the Ecuadorian Institute of Educational Credit and Scholarships, which will become a new entity that the Executive will determine by decree.

In addition, the National Development Bank will become the Rural Development Bank, and the Affiliate Bank (Biess) will be for 180 days in charge of the Superintendency of Banks. Board members will be deposed. This, while working on the amendments to the Biess Law.

All this will be a over-monitored by a Regulatory Board which will made up by the Coordinating Minister for Economic Policy, the Minister of Finance, the National Secretary of Planning, the Coordinating Minister of Production and a delegate of the President.