Rafael Correa Orders Money Repatriation to Invest

Central Bank of Ecuador repatriates $1.116’000.000 deposited on international bank accounts

Ecuadorian President Rafael Correa said today that Ecuador is not in danger of an economic recession.

Despite the claim, the Ecuadorian government revealed that precautionary measures will be taken in case of facing a recession.

Because of it, Correa ordered today, the Central Bank of Ecuador to repatriate $1.116’000.000 deposited on international bank accounts, especially in the U.S., to finance investments and create jobs.

Resources have been located outside the country by the Central Bank with values of 2,516 million U.S. dollars, from which 1,400 million must be maintained in international accounts, mainly as support letters of credit, among other aspects.

The remaining 1.116 million are “idle resources” that should return “immediately” to the country, to finance the investment program and reduce external financing requirements, said Correa. (MZ)