Executive will make “adjustments of form” to the Monetary Code

After the National Assembly approved the Monetary and Financial Code, this was referred to the President, who said that there will be “adjustments of form” admitting that the text “has come out pretty well”. The Executive has a term until August 22 to send these “vetoes of form”.

Correa defended the concepts of the Code, which he pointed out, set the banks in function of the society and not vice versa.

Correa highlighted the additional allocation that the Policy Board of Monetary and Financial Regulation, established in the Code, which would help the planning of credit. “At one point you can say, gentlemen, 30% to the productive credit” and fewer resources to the imported consumption credit.

The resources the banking handles “are of the society as a whole and should go to the social sector”, he said.

Diego Martínez, President of the Central Bank, said that the plan is to give incentives so that there are long-term loans. In this way, it is sought to make other sectors which do not have the expeted dynamism, growing. Thus it would be sought to redirect the high liquidity in an orderly technical way “to make life easier for entrepreneurs”, he said.