Resolution JPRM-2024-007-M Approving the Report on the State of the Economy for Fiscal Year 2023 and the Economic Projection for 2024

RESOLUTION No. JPRM-2024-007-M MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

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

That, Article 227 ibidem states that Public Administration constitutes a service to the community governed by the 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 faculty of the Executive Function and will be implemented through the Central Bank of Ecuador;

That, Article 26 of the Organic Monetary and Financial Code indicates: "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 Function, of indefinite duration, with institutional, administrative, budgetary, and technical autonomy";

That, the second paragraph of Article 32 of the Organic Monetary and Financial Code establishes that: "(...) Within three months following the closing of its fiscal year, the Central Bank of Ecuador will publish, and present to the National Assembly and the entity in charge of public finances, a report approved by the Monetary Policy and Regulation Board, on the state of the economy during said fiscal year, including an economic projection for the following year, emphasizing its policy objectives. (...)";

That, Article 47.1 ibidem created the Monetary Policy and Regulation Board, as part of the Executive Function, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, which will implement this policy;

That, numeral 26 of Article 47.6 of the aforementioned Organic Code, regarding the functions of the Monetary Policy and Regulation Board, establishes: "(...) 26. Those others conferred upon it by law";

That, it corresponds to the Monetary Policy and Regulation Board to review and approve the report prepared by the Central Bank of Ecuador regarding the state of the economy

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during the fiscal year corresponding to the year 2023, including the projection of the economy for the year 2024;

That, the Monetary Policy and Regulation Board, in an extraordinary session by mixed modality, on March 28, 2024, reviewed the Report on the evolution of the Ecuadorian economy in 2023 and 2024 perspectives, sent via memorandum No. BCE-BCE-2024-0076-M, of March 26, 2024, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as the legal report No. BCE-CGJ-019-2024, of March 26, 2024; 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:

Article 1.- Approve the report on the state of the economy during the fiscal year 2023 and the projection of the economy for the year 2024, presented by the Central Bank of Ecuador.

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

The publication on the institutional website is entrusted to the Document Management and Archive Directorate of the Central Bank of Ecuador.

NOTIFY.- Given in the city of Quito, Metropolitan District, on the 28th day of the month of March 2024.

THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The aforementioned resolution was signed by Dr. Tatiana Maribel Rodríguez Cerón, in her capacity as President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on March 28, 2024.- I CERTIFY.

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AD HOC SECRETARY Dr. SUSANA ELIZABETH VACA FUENTES