Resolution No. JPRM-2025-004-M Approving the Report on the State of the Ecuadorian Economy for Financial Year 2024 and Economic Projections for 2025

RESOLUTION No. JPRM-2025-004-M MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public servants and persons acting by virtue of a state power shall exercise only the competencies and faculties attributed to them in the Constitution and the Law;

That, Article 227 ibid states that the Public Administration constitutes a service to the community governed by the principles of efficiency, quality, hierarchy, coordination, planning, among others;

That, the first clause of Article 303 of the Constitution of the Republic determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Function and shall be implemented through the Central Bank of Ecuador;

That, Article 26 of the Organic Monetary and Financial Code indicates: "Legal nature of the Central Bank of Ecuador and specific regulation. The Central Bank of Ecuador is a public law legal entity, part of the Executive Function, of indefinite duration, with institutional, administrative, budgetary, and technical autonomy";

That, the second clause of Article 32 of the aforementioned Code establishes that: "(…) Within three months following the close of its financial exercise, the Central Bank of Ecuador shall publish, and present to the National Assembly and the entity in charge of public finances, a report approved by the Monetary Policy and Regulation Board, on the state of the economy during said financial exercise, including an economic projection for the following year, emphasizing its policy objectives. (…)";

That, Article 47.1 of the aforementioned Code created the Monetary Policy and Regulation Board, as part of the Executive Function, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, and determined its composition;

That, numeral 26 of Article 47.6 supra, regarding the functions of the Monetary Policy and Regulation Board, establishes: "(…) 26. Those others conferred upon it by law";

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That, Article 47.7 of the aforementioned Code states that: "The acts of the Monetary Policy and Regulation Board enjoy the presumption of legality and shall be expressed through resolutions that shall have binding force (…)";

That, the "Report on the evolution of the Ecuadorian economy in 2024 and perspectives 2025" offers a well-founded and exhaustive analysis of the macroeconomic situation of Ecuador during the year 2024, in various sectors such as fiscal, monetary, and financial. In turn, it serves as an input for the adoption of measures that contribute to maintaining stability and economic growth for the year 2025 in the country.

That, it corresponds to the Monetary Policy and Regulation Board to review and approve the report prepared by the Central Bank of Ecuador regarding the state of the economy during the financial exercise corresponding to 2024, including the projection of the economy for 2025;

That, the Monetary Policy and Regulation Board, in an extraordinary session by virtual modality, on March 31, 2025, reviewed the Report on the evolution of the Ecuadorian economy in 2024 and perspectives 2025, sent via memorandum No. BCE-BCE-2025-0068-M, of March 26, 2025, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as the legal report No. BCE-GJ-011-2025, of March 26, 2025;

In exercise of its functions and in attention to Article 47.7 of the Organic Monetary and Financial Code, the Monetary Policy and Regulation Board,

RESOLVES:

Article 1.- Approve the report on the state of the Ecuadorian economy during the financial exercise 2024 and the projection of the economy for the year 2025, presented by the Central Bank of Ecuador.

FINAL PROVISION. - This resolution shall enter into force from the present date, without prejudice to its subsequent publication in the Official Register.

The General Secretariat of the Central Bank of Ecuador is tasked with its publication on the institutional website.

NOTIFY AND PUBLISH. - Given in the Metropolitan District of Quito, on March 31, 2025.

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THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The aforementioned resolution was signed by Dr. Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on March 31, 2025.- I CERTIFY.

ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO