Regulatory Alerts2023-01-01 | JPRM-2023-024-MJPRM-2023-024-M — Reform to the Public Sector Deposits Standard
The Monetary and Financial Policy Board (JPRM) of Ecuador issued Resolution JPRM-2023-024-M to reform Article 38 of the Public Sector Deposits Standard. The amendment modifies the methodology for calculating monthly remuneration on public sector deposits by basing it on the harmonic average balance of entities relative to the Central Bank's total monetary deposits. The Central Bank of Ecuador is mandated to adjust its calculation methodology within five days and update its IT systems within sixty days to implement these changes.
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