Uncertainty About Foreign Income Control

The lack of instructions on the operation of the provision charges, which is mandatory to national financial institutions must enter all currencies (dollars, euros, yen, etc..) from November 30, that all their clients deliver to Ecuador, through accounts of the Central Bank of Ecuador, has created uncertainty among businessman and citizens as well, revealed Expreso newspaper.

According to Ricardo Cuesta, president of bank Promérica, awaits that the Central Bank emits a regulation on how to operate the system, which he believes “should have no problems,” although he admits that “the problem would be generated if there are delays“.

Meanwhile, Agustín Jiménez, President of Ecuadorian Pesquera SA (Empesec for its Spanish acronym) pointed out that a delay in payments received from abroad could affect the commercial dynamics of the country and is concerned about the possibility that there is a lack of liquidity.

Finally, Leonor Moreira, who receives money that her husband sends from the United States, says he is worried because he does not know how long the transfer will take for this new disposition. As others she expressed her concern that there could be a delay and, consequently, she can’t promptly resolve their economic needs.