Regulatory Alerts2023-01-01 | JPRM-2023-008-MJPRM-2023-008-M — Approve the report on the state of the economy during the 2022 financial year and the economic projection for 2023, presented by the Central Bank of Ecuador.
The Monetary and Regulatory Policy Board of Ecuador issued Resolution No. JPRM-2023-008-M to formally approve the Central Bank of Ecuador's report on the 2022 economic performance and its 2023 economic projections. The resolution fulfills the statutory mandate under Article 32 of the Organic Monetary and Financial Code, which requires the central bank to submit an annually approved economic status and outlook report to the National Assembly and public finance regulators within three months of the fiscal year's close. Effective immediately upon issuance on March 30, 2023, the directive mandates the document's publication on the central bank's institutional website and in the Official Register.
RESOLUTION No. JPRM-2023-008-M THE MONETARY AND REGULATORY POLICY BOARD CONSIDERING: Whereas, Article 226 of the Constitution of the Republic of Ecuador stipulates that public officials and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law; Whereas, Article 227 ibid. states that the Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others; Whereas, the first paragraph of Article 303 of the Constitution of the Republic determines that the formulation of monetary, credit, exchange rate, and financial policies is the exclusive authority of the Executive Branch and shall be implemented through the Central Bank of Ecuador; Whereas, Article 26 of the Organic Monetary and Financial Code states: “Legal nature of the Central Bank of Ecuador and specific regulations. The Central Bank of Ecuador is a public law entity, part of the Executive Branch, of indefinite duration, with institutional, administrative, budgetary, and technical autonomy.”; Whereas, the second paragraph of Article 32 of the Organic Monetary and Financial Code establishes that: “(…) Within three months following the close of its financial year, the Central Bank of Ecuador shall publish, and submit to the National Assembly and the public finance regulatory body, a report approved by the Monetary and Regulatory Policy Board, on the state of the economy during said financial year, including an economic projection for the following year, emphasizing its policy objectives. (…)”; Whereas, Article 47.1 of the aforementioned Organic Code created the Monetary and Regulatory Policy Board as part of the Executive Branch, responsible for the formulation of monetary policy, and as the highest governing body of the Central Bank of Ecuador, which shall implement this policy; Whereas, paragraph 26 of Article 47.6 of the aforementioned Organic Code, regarding the functions of the Monetary and Regulatory Policy Board, establishes: “(…) 26. Such others as may be conferred by law”;
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Whereas, it is the responsibility of the Monetary and Regulatory Policy Board to review and approve the report prepared by the Central Bank of Ecuador regarding the state of the economy during the financial year corresponding to 2022, including the economic projection for 2023; Whereas, the Monetary and Regulatory Policy Board, in an extraordinary virtual session on March 30, 2023, reviewed the Report on the Evolution of the Ecuadorian Economy in 2022 and 2023 Perspectives, submitted via Memorandum No. BCE-BCE-2023-0069-M on March 29, 2023, by the General Manager of the Central Bank of Ecuador to the President of the Monetary and Regulatory Policy Board, as well as Legal Opinion No. BCE-CGJ-023-2023 of March 29, 2023; and, In exercise of its functions and pursuant to Article 47.7 of the Organic Monetary and Financial Code, the Monetary and Regulatory Policy Board, RESOLVES: Article 1.- Approve the report on the state of the economy during the 2022 financial year and the economic projection for 2023, presented by the Central Bank of Ecuador. FINAL PROVISION.- This resolution shall take effect as of the present date, without prejudice to its subsequent publication in the Official Register. The publication of this resolution on the institutional website is entrusted to the Document Management and Archives Directorate of the Central Bank of Ecuador. NOTIFY.- Given in the city of Quito, Metropolitan District, on the 30th day of the month of March of 2023. THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN
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