Regulatory Alerts2023-01-01 | JPRM-2023-010-GResolution JPRM-2023-010-G: Allocation of 30% of 2022 Profits to the General Reserve Fund of the Central Bank of Ecuador
The Monetary and Financial Policy Board of Ecuador issued Resolution JPRM-2023-010-G to mandate that 30% of the Central Bank of Ecuador's 2022 net profits be allocated to its General Reserve Fund. This directive fulfills the statutory requirement under Article 30.1 of the Organic Monetary and Financial Code to build the reserve fund to 500% of authorized and paid-in capital after covering accumulated losses. The resolution was approved on April 10, 2023, following the audit and approval of the Bank's financial statements for the year ended December 31, 2022.
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