Regulatory Alerts2024-01-01 | JPRM-2024-003-GResolution JPRM-2024-003-G: Allocation of 30% of 2023 Distributable Profits to the General Reserve Fund of the Central Bank of Ecuador
The Monetary and Financial Policy Board (JPRM) issued Resolution JPRM-2024-003-G to mandate that 30% of the Central Bank of Ecuador's distributable profits from the 2023 fiscal year be credited to its General Reserve Fund. Following the achievement of the statutory reserve threshold equal to 500% of authorized and paid-in capital, the resolution directs the transfer of the remaining excess profits, totaling USD 508,912,215.74, to the General State Budget. This measure implements Article 30.1 of the Organic Monetary and Financial Code and was approved on February 9, 2024.
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