Until last December 31, the international reserves amounted to USD 2 496 million, the lowest point since 2012 compared to the same month in previous years.
For the first time, the international reserves did not exceed the bank reserves since the country dollarized, says Fausto Ortiz, former Minister of Finance.
The biggest change in the reserve during 2015 occurred in November. Manuel Gonzalez, an economist and professor at Espol, explains that this month occurred an aggressive divestment process of reserves in titles to make them effective. At the same time, the cash position was reduced substantially, “implying that this cash would have been taken from the reserve by the BCE (Central Bank of Ecuador for its Spanish acronym).