Resolution JPRM-2022-022-A Designating the General Manager of the Central Bank of Ecuador

MONETARY POLICY AND REGULATION BOARD RESOLUTION No. JPRM-2022-022-A

THE MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public servants and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the law;

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

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

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

That, Article 47.1 of the aforementioned Code created the Monetary Policy and Regulation 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;

That, numeral 22 of Article 47.6 of the aforementioned Code establishes that the Monetary Policy and Regulation Board has the function of appointing the General Manager of the Central Bank of Ecuador and supervising their management;

That, Article 50 of the aforementioned Code states that the General Manager of the Central Bank of Ecuador shall be appointed by the Monetary Policy and Regulation Board for a period of 4 years, renewable only once; and, prior to their appointment, they must meet the same requirements as members of the Monetary Policy and Regulation Board, as set forth in Article 47.2 of the Organic Monetary and Financial Code;

That, the First Transitory Provision of the Organic Law Reforming the Organic Monetary and Financial Code for the Defense of Dollarization, published in Official Register Supplement No. 443, on May 3, 2021, states:

"First.- The structure and functions of the Monetary and Financial Policy and Regulation Board and the Central Bank of Ecuador shall remain as established in the Organic Monetary and Financial Code in force prior to this reform, while the Monetary and Financial Policy and Regulation Board, the Monetary Policy and Regulation Board are formed within a period of 90 days, counted from the issuance of the present law, and the General Manager of the Central Bank of Ecuador is appointed. Once the Boards are constituted and the General Manager of the Central Bank of Ecuador is appointed, each, within the scope of their competencies, will attend to all pending topics and procedures previously attended by the Monetary and Financial Policy and Regulation Board."

That, it is the authority of the Monetary Policy and Regulation Board to resolve on the appointment of the General Manager of the Central Bank of Ecuador for a period of 4 years, once the requirements established in Article 47.2 of the Organic Monetary and Financial Code have been verified, as stated in Article 50 of the same Code;

That, the Monetary Policy and Regulation Board, through Resolution JPRM-2022-021-A, of September 12, 2022, entrusted the General Management of the Central Bank of Ecuador to Master Jorge Alberto Ponce Donoso, until the appointment of its titular;

That, the Monetary Policy and Regulation Board, in an extraordinary in-person session, on September 19, 2022, reviewed the legal report No. BCE-CGJ-010-2022, of September 15, 2022, sent via memorandum No. BCE-GG-2022-035, of September 15, 2022, signed by the Acting General Manager of the Central Bank of Ecuador; 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

Art. 1.- Appoint as General Manager of the Central Bank of Ecuador, for a period of four (4) years, Master Guillermo Enrique Avellán Solines, who must fulfill the attributions, responsibilities, and functions established by the Constitution, the Law, and current regulations.

Art. 2.- Terminate the trust of the General Management of the Central Bank of Ecuador to Master Jorge Alberto Ponce Donoso, to whom gratitude is expressed for the valuable services rendered during the exercise of his trust.

SINGLE GENERAL PROVISION.- The General Administrative and Financial Coordination of the Central Bank of Ecuador, through its directorates, will execute the pertinent administrative actions to implement this resolution, including its notification.

FINAL PROVISION.- This resolution will enter into force from its issuance, without prejudice to its publication in the Official Register.

Entrust the publication of this resolution on the institutional website to the Document Management and Archive Directorate of the Central Bank of Ecuador.

NOTIFY.- Given in the Metropolitan District of Quito, on September 19, 2022.

THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The aforementioned resolution was signed by Doctor Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on September 19, 2022.- I CERTIFY.

Lawyer MARIA ALEXANDRA GUERRERO DEL POZO