Resolution JPRFM-2026-025-M Approving the Reform of Section 1 on Opening Current Accounts at the Central Bank of Ecuador

RESOLUTION No. JPRFM-2026-025-M THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

CONSIDERING:

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

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

That, Article 299 of the Magna Carta determines that the General State Budget shall be managed through a Single Treasury Account opened at the Central Bank, with the corresponding sub-accounts. Special accounts shall be created at the Central Bank for the management of deposits from public companies and decentralized autonomous governments, and other corresponding accounts. Public resources shall be managed in public banking, in accordance with the law. The law shall establish the mechanisms for accreditation and payments, as well as for the investment of financial resources. It is prohibited for entities in the public sector to invest their resources abroad without legal authorization.

That, the first paragraph of Article 303 aforementioned 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, on October 13, 2025, the Organic Reform Law of the Organic Code of Monetary and Financial Affairs was published in the Sixth Supplement of Official Register No. 142;

That, Article 13 of the Organic Code of Monetary and Financial Affairs creates the Board of Financial and Monetary Policy and Regulation, part of the Executive Function, as an organ with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation. The Board of Financial and Monetary Policy and Regulation shall be the highest governing body of the Central Bank of Ecuador;

RESOLUTION No. JPRFM-2026-025-M Page | 2

That, Article 17 of the aforementioned Code, in its pertinent part, determines that: "(...) For the fulfillment of these functions, the Board shall issue regulations in matters within its competence, without altering legal provisions. The Board of Financial and Monetary Policy and Regulation may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Board of Monetary Policy and Regulation, the Board of Financial Policy and Regulation, or the Board of Monetary and Financial Policy and Regulation. All norms and policies issued by the Board of Financial and Monetary Policy and Regulation in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)";

That, Article 24 of the same Code provides that the acts of the Board of Financial and Monetary Policy and Regulation enjoy the presumption of legality and shall be expressed through resolutions that have mandatory force, which shall govern from their publication in the Official Register, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That, Article 25.2 of the same instrument determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports supporting regulatory proposals, providing technical and administrative support to the Board of Financial and Monetary Policy and Regulation, and those assigned by said Board;

That, Article 27 of the Organic Code of Monetary and Financial Affairs contemplates as an objective that the Central Bank of Ecuador will implement the monetary policy formulated by the Board of Monetary Policy and Regulation, aimed at fostering and maintaining a stable monetary system, contributing to financial stability, and administering its balance sheet to preserve the integrity of dollarization, including the safe, solid, and efficient functioning of payment systems and means.

That, items 1 and 15 of Article 36 aforementioned provide as functions of the Central Bank of Ecuador to implement policy in the monetary sphere, to promote the sustainability of the monetary and financial system, and to act as fiscal, financial, and depositary agent for public resources and provide banking services to public sector entities and the national financial system, according to the market remuneration determined by the Board of Financial and Monetary Policy and Regulation.

RESOLUTION No. JPRFM-2026-025-M Page | 3

That, Article 36.2 aforementioned provides: "The Central Bank of Ecuador, to carry out its operations, may open and maintain current accounts in its books for:

1. National financial entities and public sector entities;
2. Foreign banks, central banks, international financial institutions, and, when necessary, foreign governments, international organizations, and donor organizations; and,
3. Entities participating in the Securities Market, except issuers. The Central Bank of Ecuador will not open current accounts for natural persons. The Board of Financial and Monetary Policy and Regulation shall establish the conditions for opening and closing current accounts in the books of the Central Bank of Ecuador";

That, the first paragraph of Article 40 of the aforementioned Organic Code states: "Public resources of institutions, agencies, and companies in the non-financial public sector shall be maintained on deposit at the Central Bank of Ecuador, in accordance with the regulations issued by the Board of Financial and Monetary Policy and Regulation";

That, General Provision Twenty-Ninth of the same instrument states: "In existing legislation where mention is made, indistinctly, of the Board of Monetary and Financial Policy and Regulation, the Board of Monetary Policy and Regulation; or, the Board of Financial Policy and Regulation, replace and understand as 'Board of Financial and Monetary Policy and Regulation';

That, the First Transitory Provision of the Organic Reform Law of the Organic Code of Monetary and Financial Affairs determines that the members of the Board of Financial and Monetary Policy and Regulation, sworn in on September 16, 2025, by the National Assembly, will continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That, through Office No. T.233-SGJ-25-098, dated September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Board of Financial and Monetary Policy and Regulation was sent; as well as, the temporality of their stay within the initial period;

That, the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Board of Financial and Monetary Policy and Regulation, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; and, María Isabel Camacho Cárdenas;

RESOLUTION No. JPRFM-2026-025-M Page | 4

That, Section 1: "Opening of current accounts at the Central Bank of Ecuador", of Chapter I: "Of the Operations of the Central Bank of Ecuador", Title II "Policies of Operations of the Central Bank of Ecuador" of the "Codification of Resolutions of Monetary Policy and Operations of the Central Bank of Ecuador issued by the Board of Monetary Policy and Regulation", contained in Resolution No. JPRM-2025-006-M, of July 16, 2025, establishes which entities may open current accounts at the Central Bank of Ecuador; as well as, regulates the general conditions for opening current accounts at the Central Bank of Ecuador;

That, it is necessary to regulate the closing of current accounts at the Central Bank of Ecuador, in order to have the regulatory framework to regularize and close current accounts, in accordance with Article 36.2 of the Organic Code of Monetary and Financial Affairs;

That, the Board of Financial and Monetary Policy and Regulation, in ordinary session No. 013-2026, under hybrid modality, on May 27, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0234-M, of May 22, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation; as well as, Technical Report No. BCE-GMPSN-2026-022 / BCE-SSFN-2026-276, of May 22, 2026, and Legal Report No. BCE-GJ-059-2026, of May 22, 2026; and,

In exercise of its functions and in attention to Article 24 of the Organic Code of Monetary and Financial Affairs, the Board of Financial and Monetary Policy and Regulation,

RESOLVES:

Article 1. - Reform the title of Section 1: "Opening of current accounts at the Central Bank of Ecuador", Chapter I: "Of the Operations of the Central Bank of Ecuador", Title II "Policies of Operations of the Central Bank of Ecuador" of the "Codification of Resolutions of Monetary Policy and Operations of the Central Bank of Ecuador issued by the Board of Monetary Policy and Regulation", contained in Resolution No. JPRM-2025-006-M, of July 16, 2025, by the following text: "Opening and closing of current accounts at the Central Bank of Ecuador"

Article 2. - Following Article 2 of Section 1: "Opening of current accounts at the Central Bank of Ecuador", Chapter I: "Of the Operations of the Central Bank of Ecuador", Title II "Policies of Operations of the Central Bank of Ecuador" of the "Codification of Resolutions of Monetary Policy and Operations of the Central Bank of Ecuador issued by the Board of Monetary Policy and Regulation", contained in Resolution No. JPRM-2025-006-M, of July 16, 2025, add articles 3, 4, and 5, according to the following text:

RESOLUTION No. JPRFM-2026-025-M Page | 5

"Article 3.- Closing of current accounts at the request of the party: The legal representative or their attorney-in-fact, of the entity not belonging to the public sector, that maintains an open current account at the Central Bank of Ecuador may request its closure. If the current account maintains balances, the request must indicate to which account said balances will be transferred.

Article 4.- Closing of current accounts of the Single Account System: The Entity in Charge of Public Finances shall instruct the Central Bank of Ecuador to close the current accounts belonging to public sector entities, except for social security accounts. If the current account maintains balances, the request must indicate to which account said balances will be transferred.

Article 5.- Closing of current accounts ex officio: The Central Bank of Ecuador may dispose of the closing of current accounts of private entities, ex officio, in the following cases: a) The entity's account maintains a passive or suspended RUC (Tax Identification Number) and does not maintain a balance; b) The account registers continuous inactivity in accordance with the regulations on Immobilized Liabilities; in the case of existing balance, said resources shall be previously transferred as established by the current regulatory framework.

Article 6.- Closing of current accounts by disposition of competent administrative or judicial authority: The Central Bank of Ecuador shall proceed to close current accounts in cases where so disposed by a competent administrative or judicial authority. Upon execution of the closure, the Central Bank of Ecuador shall notify said act to the entity holding the closed account and, in the case of public sector entities other than social security entities, the notification shall also be sent to the Ministry of Economy and Finance."

TRANSITORY PROVISIONS

FIRST: Upon issuance of this resolution, the Central Bank of Ecuador shall notify the Ministry of Economy and Finance of the current accounts of public entities that are immobilized for more than one hundred eighty (180) days, so that this organism instructs their closure or continuation.

SECOND: The Central Bank of Ecuador, within a maximum term of ninety (90) days counted from the effective date of this Resolution, shall update the internal regulation containing the procedure for the closing of current accounts.

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

The publication on the institutional website and the update of the

RESOLUTION No. JPRFM-2026-025-M Page | 6 Codification of Resolutions of Monetary Policy and Operations of the Central Bank of Ecuador is entrusted to the General Secretariat of the Central Bank of Ecuador.

COMMUNICATE AND PUBLISH. - Given in the city of Quito D.M., on May 27, 2026.

THE PRESIDENT Mgs. Gustavo Estuardo Camacho Dávila

The aforementioned resolution was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the city of Quito D.M., on May 27, 2026.- I CERTIFY.

TECHNICAL SECRETARIAT Abg. Ninoska Geovanna Ceballos Pin