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Ecuador’s international reserves total $ 3400 million, 4.7% less than January 31, 2020
Posted On 13 Feb 2020
International Reserves (IR) total $ 3400 million at February 7, 2020 , which means a reduction of 4.7% in relation to January 31, 2020.
Ecuador’s international reserves total $ 3400 million, 4.7% less than January 31, 2020
The Association of Private Banks of Ecuador (Asobanca) reports that in the same period of time, financial reserves (the banking reserve that financial institutions have in the Central Bank of Ecuador, ECB) grew 4.7% to reach $ 4746 million.
Of that total, $ 3135 million correspond to the reserves of other deposit societies, which includes the money from private banks, and $ 1611 million correspond to the National Financial Corporation (CFN) and the Bank of the Ecuadorian Social Security Institute (Biess).
In addition to the $ 80 million of the monetary issue, the exchange system and financial reserves totaled $ 4826 million.
Then, the amount available in the IR covers 70% of the system of exchange and financial reserves , that is, there is a deficit of $ 1425 million, says Asobanca.
If CFN and Biess deposits are excluded, the $ 3215 million exchange and reserve system is covered 106%, with a surplus of $ 186 million.
The increase in international reserves to cover financial reserves over time is one of the concerns of the International Monetary Fund, which maintains a credit agreement with Ecuador.
