Correa remains firm in maintaining safeguards against currency devaluations

President Rafael Correa, yesterday defended the right of Ecuador to impose tariffs on products from Colombia and Peru, as safeguards to exchange currency devaluations.

“We are in contact to make the measures more flexible, to carry out consensus, but Ecuador has the right to protect its economy as Colombia and Peru are doing with the depreciation of their currencies,” said Correa.

After complaints from both countries, the Ecuadorian government said it is willing to reduce to 17.4% the safeguard for Colombia, which claims to be 7%, and excluding Peruvian raw materials from the measurement.

“If they depreciate the currencies (…) I have to take measures to prevent the national economy from collapsing,” said Correa. “If they do not depreciate the peso (Colombian) and the sol (Peruvian), we will not have to take safeguards,” added the President.