Regulatory Alerts2022-01-01 | JPRM-2022-017-GJPRM-2022-017-G — Establish that thirty percent (30%) of the profits corresponding to 2021, after deducting accumulated losses from previous years, be credited to the general reserve fund account of the Central Bank of Ecuador
The Monetary and Financial Policy Board (JPRM) issued Resolution JPRM-2022-017-G to mandate that 30% of the Central Bank of Ecuador's 2021 profits, net of accumulated losses, be credited to its general reserve fund. This action fulfills the statutory requirement under Article 30.1 of the Organic Monetary and Financial Code to build the reserve fund up to 500% of the bank's authorized and paid-in capital. The resolution also requires the Central Bank to report on the compliance percentage of this reserve account within two months.
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