Sucre is incorporated into the international reserves

Diego Martinez

The total amount of exports without imports made by Ecuador, through the Regional Clearance Unitary System (SUCRE) is the new item included in the International Book Freely Available (RILD) since December of last year. This decision was carried out by the board of the Central Bank of Ecuador (BCE) in the Resolution DBCE046-SUCRE, of December 29, 2012.

The document is signed by Jeannette Sanchez, the current Coordinating Minister of Economic Policies who was president of BCE between December 20, 2012 and February 4, 2013. The document explains that the inclusion of this has meant an increase of $ 540,5 million of RILD on last December, moments in which the reserve was at its lowest level.

Although the Sucre began operating since 2010, it was recently included in RILD on December 2012. The reasons for incorporating that account even though the Act does not contemplate Monetary Regime, was because it was an “accounting error” not including it, because it was underestimating as it pointed out Diego Martinez and Mateo Villalba, president and CEO of BCE.

Previously, on March 18, the Central Bank of Ecuador (BCE) issued a trade, the Committee of Foreign Trade (Comex) and the Foreign Ministry, in which he explained the difficulties that local users registered in their transactions with the Sucre because that in recent months, the Administration Commission (Cadivi), which manages the transfers within the Sucre, has increased within procedures, affecting exports. Days after the Attorney General advised the BCE that is conducting an investigation into ‘some’ transactions made by the Sucre.