The Central Bank will be reformed and will manage the financial sector

The announcement was made by President Rafael Correa, on his usual Saturday nation-wide broadcast, assuring that it consists in a deep restructuration that will allow the institution to properly manage its liquidity, to guide these resources on productive credit for development and not for functions such as controlling inflation.

Innovations will be implemented in the national payment system, regional monetary integration, and proper management of reserves in order for them to mostly remain in the country and not to be sent abroad.

The chairman of the Central Bank (BCE), Diego Martinez, said that the institution will recover its full regulatory capacity of the financial sector.

About the BCE former president, Pedro Delgado, Correa said he did not make a poor management in the institution, but described as “larceny” and an act of “disloyalty” to fake his degree in economics.