Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador

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RESOLUTION NO. JPRM-2025-007-G THE MONETARY POLICY AND REGULATION BOARD CONSIDERING: That, the Constitution of the Republic of Ecuador, in its article 226, prescribes that public servants and persons acting by virtue of a state power shall exercise only the competencies and powers attributed to them in the Constitution and the Law; That, article 227 ibidem states that Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others; That, the first paragraph of article 303 of the Magna Carta determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Function and will be implemented through the Central Bank of Ecuador; That, the second paragraph of the Fourth Transitory Provision of the Organic Law for the strengthening of protected areas establishes that “(…) The structure and functions of the Financial Policy and Regulation Board and the Monetary Policy and Regulation Board, established in the Organic Monetary and Financial Code before June 26, 2025, will remain in effect until the designation of the members of the Financial and Monetary Policy and Regulation Board by the National Assembly. (…)”, That, article 47.1 of the Organic Monetary and Financial Code created the Monetary Policy and Regulation Board, as part of the Executive Function, responsible for monetary formulation, the highest governing body of the Central Bank of Ecuador, and determined its operation and composition; That, article 47.6 of the same Code, regarding the functions of the Monetary Policy and Regulation Board, among others, establishes: “1. Formulate policy in the monetary sphere and observe its application by the Central Bank of Ecuador, to preserve the integrity and sustainability of the dollarization monetary system and the financial system, in accordance with the provisions of this Code; (…) 26. Those others conferred by law”; That, it is necessary to have an orderly scheme in which all resolutions issued by the Monetary Policy and Regulation Board regarding the formulation of

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policy in the monetary sphere and in its capacity as the governing body of the Central Bank of Ecuador are recorded; That, the Monetary Policy and Regulation Board, in an ordinary session by mixed modality, on July 16, 2025, reviewed technical report No. BCE-SPC-2024-052, dated August 28, 2024, sent via memorandum No. BCE-BCE-2024-0187-M of August 30, 2024, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as legal report No. BCE-GJ-023-2024, dated August 30, 2024; and, In exercise of its functions and in accordance with article 47.7 of the Organic Monetary and Financial Code, the Monetary Policy and Regulation Board resolves to issue the: CODIFICATION OF GOVERNANCE RESOLUTIONS OF THE MONETARY POLICY AND REGULATION BOARD AND THE CENTRAL BANK OF ECUADOR TITLE I OPERATION OF THE MONETARY POLICY AND REGULATION BOARD CHAPTER I MONETARY POLICY AND REGULATION BOARD SECTION 1 OF THE BOARD Article 1.- Board: The Monetary Policy and Regulation Board is the organism of the Executive Function with domicile in the Metropolitan District of Quito, responsible for the formulation of monetary policy and is the highest governing body of the Central Bank of Ecuador, which will implement this policy. The Monetary Policy and Regulation Board is composed of three members, designated and sworn in by the National Assembly, who have voice and vote and will serve for a term of four (4) years. The Monetary Policy and Regulation Board will elect from among its members a President and a Substitute President, for a term of two (2) years, who may be reelected once. The position of member of the Monetary Policy and Regulation Board is incompatible with any other position or service in the private, public, or political sector, whether remunerated or not, with the exception of university teaching, a fact that must be brought to the knowledge of the Presidency of the Board. Participate in the deliberations of the Monetary Policy and Regulation Board, with voice but without vote, the President of the Financial Policy and Regulation Board, the General Manager of the Bank, and a delegate from the entity in charge of public finances. Article 2.- Functions: The functions and attributes of the Board shall be:

1. Formulate policy in the monetary sphere and observe its application by the Central Bank of Ecuador, to preserve the integrity and sustainability of the dollarization monetary system and the financial system;
2. Issue the Code of Ethics of the Central Bank of Ecuador, which will include the Monetary Policy and Regulation Board;
3. Present annual reports to the President of the Republic;
4. Present to the President of the Republic proposals for modification of legislation in monetary matters;
5. Establish the policies of the Central Bank of Ecuador and supervise their implementation;
6. Monitor compliance: with the functions of the Central Bank of Ecuador;
7. Formulate the policy of the operations of the Central Bank of Ecuador;
8. Formulate policy and regulate the management of physical payment media;
9. Contribute to the financial stability of the country, in coordination with the Financial Policy and Regulation Board, and with control organisms;
10. Evaluate risks to financial stability and issue macroprudential regulations within the scope of its competence, in consultation with the Financial Policy and Regulation Board, without prejudice to its independence;
11. Establish the interest rates through which the Central Bank of Ecuador will intervene in the monetary market;
12. Regulate the central payment system, as well as the regulation, permission, registration, monitoring, and supervision of auxiliary payment systems;
13. Define the investment policy of international reserves;
14. Approve the increase in capital of the Central Bank of Ecuador;
15. Establish and regulate the functioning of committees that may be necessary for the operation of the Bank;
16. Approve the budget of the Central Bank of Ecuador and supervise its execution;
17. Review and approve the annual financial statements of the Central Bank of Ecuador;
18. Approve the Statute of the Central Bank of Ecuador, and define the regulatory framework for contracting, promotions, and the exercise of disciplinary control of the employees of the Central Bank of Ecuador;
19. Designate the bank auditor of the Central Bank of Ecuador;

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20. Approve the policy for the selection and rotation of external auditors and designate the external auditor of the Central Bank of Ecuador, upon proposal of the Audit Committee;
21. Approve the plan and dynamics of accounting accounts and the accounting policies of the Central Bank of Ecuador in consonance with internationally recognized accounting standards;
22. Appoint the General Manager and supervise their management;
23. Appoint the Administrative Secretary of the Monetary Policy and Regulation Board and establish their functions;
24. Issue the regulations for the functioning of the Monetary Policy and Regulation Board;
25. Fix the commissions and fees for services of the Central Bank of Ecuador;
26. Constitute permanent or occasional technical committees, if deemed necessary, to expand the study and analysis of topics within the Board's competence;
27. Designate, from among its members, those who represent the Board before committees or collegiate bodies established by law or derived from agreements, or created by the Board;
28. Request from the Central Bank of Ecuador any information, study, or analysis required for the fulfillment of its functions;
29. Adopt any other administrative action; and,
30. Those others conferred by law. For the fulfillment of these functions, the Monetary Policy and Regulation Board will issue regulations in matters within its competence without altering legal provisions. Article 3.- Committees: The committees referred to in the preceding article will be constituted with public servants from the areas of the Central Bank of Ecuador corresponding to the topic. The committees may be composed of all members of the Board and with the personnel of the Central Bank of Ecuador or another entity deemed necessary, depending on the topic to be addressed. For the proper fulfillment of their activities, the committees may request, through the person presiding over them, information from any other entity in the public sector that is required for the fulfillment of the Board's functions. For the exercise of its functions, the Monetary Policy and Regulation Board may require any public or private institution to provide the information it deems necessary. SECTION 2 OF THE MEMBERS

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Article 4.- Members: The members of the Monetary Policy and Regulation Board have the following rights and attributes: a) Present policy and regulation proposals; b) Receive summonses with a minimum advance of forty-eight (48) hours to the day of the session, except for sessions qualified by the President of the Board as urgent, in which case the agenda and corresponding supporting documents must be available to them; c) Obtain the information required for the fulfillment of their functions; d) Participate in the debate during sessions; e) Vote positively or negatively, abstention is not permitted; f) Request the suspension of the convened meeting, in case of not having received the supporting information presented; and, g) All others inherent to their status as members. Article 5.- Actions of the members: The members of the Board, as well as those attending the Board sessions, shall keep confidential the matters known, treated, and deliberated within the Board and shall not seek or accept instructions from third parties. The members of the Board must observe standards of ethical conduct in the performance of their functions, must act with honesty, independence, impartiality, and without consideration for their private interests, avoiding conflicts of interest. The acts of the Monetary Policy and Regulation Board do not require the concurrence of an entity other than itself, nor approval by other organs or institutions of the State. Article 6.- Policy and regulation proposals: Policy and regulation proposals or their reforms may be presented by the members of the Board or the General Manager of the Central Bank of Ecuador. The proposals of the members will be channeled through the Administrative Secretariat so that within two weeks following they are brought to the knowledge of the Technical Committee for analysis and, if necessary, request the presentation of the respective technical and legal reports from the Central Bank. At the request of its President or one of its members, considering the relevance of the topic to be addressed, the Monetary Policy and Regulation Board may establish that any policy or regulation project, prior to its approval process, be submitted to public consultation with citizens and public and private actors, in order to gather observations, comments, inputs, or suggestions that enrich its treatment. The adopted decision will order the publication of an excerpt of the policy or regulation project on the website of the Central Bank of Ecuador, establishing a peremptory deadline to receive contributions, which cannot be less than seven days nor more than thirty days. Without prejudice to what is established in this article, the Monetary Policy and Regulation Board may adopt other initiatives aimed at socializing and guaranteeing citizen participation in the formulation of public policies, such as the holding of technical workshops, conversations, working groups, among others. Article 7.- Public consultation process for policy or regulation projects: During the period established by the Monetary Policy and Regulation Board, observations, comments, inputs, or suggestions for the regulation project will be received, in the form and means determined for this purpose. The reception and systematization of citizen observations will be the responsibility of the Administrative Secretariat of the Monetary Policy and Regulation Board. The proposals sent to the Monetary Policy and Regulation Board must necessarily contain the identification information of the sender and must relate exclusively to the topic of the policy or regulation project put out for public consultation. All documents or information considered necessary to support or motivate the observations, comments, or suggestions made to the regulatory project may be attached. Once the deadline for receiving observations has concluded, the Administrative Secretariat will send to the Central Bank of Ecuador the proposals that have met the established requirements, so that, within a term of fifteen days, a technical-legal report is issued in which the observations are evaluated, the technical and legal viability and pertinence are analyzed; and, it is recommended to the Monetary Policy and Regulation Board whether or not to incorporate the contributions into the policy or regulation project under analysis. The observations or comments received at this stage are not binding, and the Monetary Policy and Regulation Board may, based on its regulatory competence, accept or not accept the comments that have been sent and admitted within the public consultation period. SECTION 3 OF THE PRESIDENT

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Article 8.- Functions: The functions of the President of the Monetary Policy and Regulation Board, in addition to those established in article 47.8 of the Organic Monetary and Financial Code, are the following: a) Define the agenda of the Board sessions; b) Convene, install, suspend, close, and declare terminated the sessions; c) Exercise the casting vote; d) Present to the Board the policy and regulation proposals or their reforms; e) Convene the Board members to Technical Committee and coordination meetings, when required; f) Ensure compliance with the policies and resolutions issued by the Board; g) Review and dispose of the procedures of communications addressed to the Board and, when deemed pertinent, bring them to the knowledge of its members; h) Sign the documents concerning the presidency of the Board and those corresponding to the exercise of its representation; i) Sign jointly with the Administrative Secretary of the Board, the minutes of the sessions and the approved resolutions; j) Authorize service commissions, payment of per diems, subsistence, and travel for the advisory and administrative personnel of the Board; k) Resolve immediately and provisionally any internal matter of the Board not provided for in these regulations, presenting it to the Board in the next session for decision; and, l) Exercise the other functions indicated by the Organic Monetary and Financial Code, and those legally conferred. Article 9.- Absence of the President: In case of temporary absence of the President of the Board, the Substitute President will replace them. In case of definitive absence of the President of the Board, the Substitute President will replace them for the remainder of their term. SECTION 4 OF THE ADMINISTRATIVE SECRETARY Article 10.- Designation: The Monetary Policy and Regulation Board will appoint the Secretary of the Board and it will be at free dismissal by the same Board. Article 11.- Functions: The functions of the Administrative Secretary of the Board are the following:

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a) Receive the documentation and reports elevated to the knowledge or approval of the Board by the members; b) At the request of the President, make the summonses to the Board sessions attaching the agenda with the documentation and supporting reports for each topic to be treated in the session. c) At the request of the President of the Board, verify the quorum, read the agenda, prior to its approval, request the Board members to inform about the existence of a supervening conflict of interest, in the terms determined in article 7 of the Organic Monetary and Financial Code, and record said pronouncement in the minutes; d) Require the Board members to vote on the point in question, for which they will previously publicly inform the terms of the motion presented; e) Participate in the Board sessions with an informative voice; f) Draft and prepare the minutes of the Board sessions, within a term not exceeding fifteen days from their closure; g) Sign together with the President of the Board the minutes of the sessions, set forth the corresponding reasons regarding the attendees, the votes recorded in the Board resolutions, and give faith to its resolutions; h) Keep, conserve, and care for under their responsibility the archive of the session minutes, resolutions, and other documents and archives of the Board; i) Notify the resolutions and other dispositions of the Board. The notification will be carried out attaching a certified copy of the corresponding resolution; j) Deliver to the Board members certified copies of the resolutions and approved session minutes when requested, unless they have the character of reserved, in which case, it must be previously approved by the President; k) Maintain, administer, and properly custodian under their responsibility the documentary and magnetic archive, duly ordered and folioed. l) Codify the Resolutions of the Board and keep it updated; m) Keep an ordered list of all reserved files and information; n) Receive and give faith to the presentation of communications, petitions, writings, and any other request addressed to the Board; o) Attend and answer the requests presented to the Board on administrative matters; p) Confer certified copies of Board documents, required by competent authority. For the case of reserved information, this will be delivered prior to authorization of the President of the Board; q) Request the area of the Central Bank of Ecuador corresponding to publish the resolutions of the Monetary Policy and Regulation Board on its website, within a maximum term of two days from their issuance, except those qualified as reserved; and

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r) Request the publication of the resolutions of the Monetary Policy and Regulation Board in the Official Register, unless they are reserved; and, s) Those others assigned by the Board. Additionally, it is incumbent upon the Secretary to raise and keep updated the information of the Monetary Policy and Regulation Board on the website of the Central Bank, in accordance with what is established in the Law of Transparency and Access to Public Information and its General Regulation. SECTION 5 OF TOPICS WITH RESERVED CHARACTER Article 12.- Presentation: The Board members will present the policy and regulation proposals they consider reserved in a closed envelope addressed to the President. The President will convene a meeting with reserved character, which will be analyzed and qualified previously in that session by the Board. Article 13.- Archive: The Administrative Secretary will maintain a special archive of all information qualified and treated as reserved. For this purpose, they must encrypt the documents with codes different from those used in the files that do not have the reserved qualification. SECTION 6 OF THE SUMMONSES Article 14.- Summons: The Administrative Secretary of the Board, by disposition of the President, will summon to ordinary monthly sessions, with at least forty-eight (48) hours of advance, and to extraordinary sessions when the President of the Board by their own will or at the request of two of its members requests it to treat specific topics; always accompanying the corresponding supporting documents, if necessary by size, the download link of a digital storage repository will be attached, keeping the case security. The summonses must be made physically or by electronic means. For the purposes of the sending of summonses and Board sessions, all days of the year will be considered business days. The summonses may be canceled by decision of the President of the Board by their own will or at the request of two of its members. In case of extraordinary sessions, when it is necessary and urgent, the summons may be made without the period established in this article, and the necessary documents for the treatment of the topics may be delivered to the Board members until the start of the session.

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The summons will expressly state whether the session is ordinary or extraordinary, if it is with physical attendance, through technological means, or mixed. The summons will include the agenda and will also establish if topics with reserved character will be treated and the connection link if necessary. In case of sessions held through technological means, the summons must necessarily contain the date and maximum time for the casting of the vote by the Board members. This time may be extended before its expiration, by disposition of the President of the Board. In case of extraordinary sessions and those to treat topics with reserved character, when it is necessary and urgent, the summons may be verbal or written, without the period established in this article, and the necessary documents for the treatment of the topics may be delivered to the Board members until the start of the session. The President of the Board may summon these sessions to any of the authorities described in the ninth paragraph of article 47.1 of the Organic Monetary and Financial Code. SECTION 7 OF THE SESSIONS Article 15.- Sessions: The Board will meet in person or physically in any place in the country, ordinarily each month and extraordinarily when convened by the President of the Board, ex officio or at the request of at least two of its members,