Deposits fall in six months

According to the Superintendency of Banks, deposits and term deposits amounted to 24,600 million until June: 1,292 million less than six months ago.

The slowdown in the economy, which is expected to grow 1.9% this year, according to estimates by the Central Bank of Ecuador (BCE), is noted as one of the causes, according to analysts and bankers.

The financial analysis director of the consulting company Multienlace David Castellanos considers the cause would be the fall of exports and remittances, along with a smaller public and private investment, and this has been reflected, as he explains, in the evolution evidenced in savings.

According to BCE statistics, monetary circulation species have increased between January and May; while deposits fell. That is, the public is preferring to keep their money in cash. And liquidity, known as M2, reached 39.517 million in May, down from the 39,580 million of the previous month. All figures are contained in the information published and updated each month by the ECB.

The Association of Private Banks of Ecuador (ABPE), guild that affiliates 14 of the 23 private banks, states that certainty and stable rules to return to the previous rhythms are needed.