JPRFM-2026-028-M — Review of the Execution Report for the Institutional Strategic Plan, Annual Operational Plan, and Budget of the Central Bank of Ecuador as of the First Quarter of 2026

RESOLUTION No. JPRFM-2026-028-M
THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

CONSIDERING:

That the Constitution of the Republic of Ecuador, in Article 226, prescribes that public servants and persons acting by virtue of 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 the first paragraph of Article 303 of the constitutional norm 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 Law Reforming the Organic Monetary and Financial Code was published in the Sixth Supplement of the Official Register No. 142;

That Article 13 of the Organic Monetary and Financial Code 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;

That Article 17 of the aforementioned Code, in its pertinent part, determines that:

"(...) 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 Articles 19, numeral 3 and 13 of the Organic Monetary and Financial Code establish as functions of the Board of Financial and Monetary Policy and Regulation, in the monetary sphere, to monitor compliance with the functions of the Central Bank of Ecuador; and to approve the budget of the Central Bank of Ecuador and supervise its execution;

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 to provide technical and administrative support to the Board of Financial and Monetary Policy and Regulation and any others assigned by said Board;

That Article 34 of the aforementioned norm establishes that: "By November of each year, the Board of Financial and Monetary Policy and Regulation shall approve the annual budget for the following economic year of the Central Bank of Ecuador (...)";

That General Provision Twenty-Ninth of the Organic Monetary and Financial Code states: "In current 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, through Resolution No. JPRM-2025-007-G, of July 16, 2025, the former Board of Monetary Policy and Regulation issued the "Codification of Governance Resolutions of the Board of Monetary Policy and Regulation and the Central Bank of Ecuador", in which Section 1 "Organic Statute of Organizational Management by Processes of the Central Bank of Ecuador", Chapter I "Governance of the Central Bank of Ecuador"; Title II "Governance Policies of the Central Bank of Ecuador" is contained, in which the attributions and responsibilities of the Board of Financial and Monetary Policy and Regulation are listed, among which is: "p) Approve the budget of the Central Bank of Ecuador and supervise its execution";

That, through Resolution No. JPRFM-2025-009-G, of November 27, 2025, the Board of Financial and Monetary Policy and Regulation approved the budget of the Central Bank of Ecuador corresponding to the 2026 economic year. Likewise, in Article 3 of the aforementioned resolution, it provides that: "The General Manager of the Central Bank of Ecuador shall inform the Board of Financial and Monetary Policy and Regulation of the progress in the execution of the budget being approved by this instrument, on a quarterly basis, as well as the compliance with the Annual Operational Plan and the progress of the Strategic Plan";

That the First Transitory Provision of the Organic Law Reforming the Organic Monetary and Financial Code 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 Letter No. T.233-SGJ-25-098, of 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;

That the Board of Financial and Monetary Policy and Regulation, through ordinary session No. 014-2026, under electronic (asynchronous) modality, on June 18, 2026, reviewed the report on progress in budget execution and the performance of the strategic plan as of March 2026, sent via Memorandum No. BCE-BCE-2026-0264-M, of June 15, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation, with the Quarterly Technical Report No. BCE-SF-INF-037-2026 / BCE-SPP-INF-012-2026, of May 18, 2026; as well as, the Legal Report No. BCE-GJ-067-2026, of June 10, 2026; and,

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

RESOLVES:

Article 1.- To review the progress in the execution of the budget approved by the Board of Financial and Monetary Policy and Regulation, as well as the compliance with the Annual Operational Plan and the progress of the Strategic Plan, contained in the Quarterly Technical Report No. BCE-SF-INF-037-2026 / BCE-SPP-INF-012-2026, of May 18, 2026, presented by the Central Bank of Ecuador.

Article 2.- To order the Central Bank of Ecuador to inform the Board of Financial and Monetary Policy and Regulation in a timely manner about the progress in the execution of the approved institutional budget, as well as about the compliance with the Annual Operational Plan and the progress of the Institutional Strategic Plan, in accordance with the periodicity established in Resolution No. JPRFM-2025-009-G, of November 27, 2025.

Article 3.- To order the Central Bank of Ecuador that, in the quarterly reports presented to the Board of Financial and Monetary Policy and Regulation on institutional budget execution, a historical comparative analysis of budget execution be incorporated, accompanied by an explanation of the main variations observed in income and expense items, with the aim of strengthening the monitoring of the sustainability of institutional income and the compliance with expenditure planning during the corresponding fiscal year.

Article 4.- To order the Central Bank of Ecuador to conduct a comprehensive review of the execution of annual operational planning, institutional projects, and budget execution, and to present for the knowledge of the Board of Financial and Monetary Policy and Regulation, in the next quarterly report, the corrective, preventive, or strengthening actions that are necessary to ensure the fulfillment of the planned institutional goals.

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

The General Secretariat of the Central Bank of Ecuador is entrusted with its publication on the institutional website.

COMMUNICATE AND PUBLISH. - Given in the city of Quito D.M., on June 18, 2026.

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The resolution above 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 June 18, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Law. Ninoska Geovanna Ceballos Pin