JPRFM-2026-036-M — Approves the Reform to General Provision Thirty-Sixth of the Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador, Related to the Analysis of Money Transfers from and to Abroad

FINANCIAL AND MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting by virtue of a state power shall exercise only the competencies and faculties 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 the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, numeral 2 of Article 302 of the Constitution of the Republic of Ecuador establishes as one of the objectives of monetary, credit, exchange, and financial policies the establishment of global liquidity levels that guarantee adequate financial security margins;

That, the first clause 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 Reform Law of 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 Financial and Monetary Policy and Regulation Board (JPRFM), as part of the Executive Function, with functional, technical, institutional, and decision-making autonomy, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policies, and determines it as the highest governing body of the Central Bank of Ecuador;

That, Article 17 of the referred 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 Financial and Monetary Policy and Regulation Board may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Monetary Policy and Regulation Board, Financial Policy and Regulation Board, or Monetary and Financial Policy and Regulation Board. All norms and policies issued by the Financial and Monetary Policy and Regulation Board in the exercise of its functions, duties, and faculties must be backed by duly substantiated technical and legal reports (...)";

That, numerals 1, 2, 3, 6, 10, and 12 of Article 19 of the Organic Monetary and Financial Code attribute to the Financial and Monetary Policy and Regulation Board, in the monetary sphere, the functions of formulating monetary policy and observing its application by the Central Bank of Ecuador, to preserve the integrity and sustainability of the dollarization monetary system and the financial system; establishing the policies of the Central Bank of Ecuador and supervising their implementation; monitoring compliance with its functions; contributing to the country's financial stability, in coordination with control bodies; defining the investment policy of International Reserves; and, establishing and regulating the functioning of the committees necessary for the operation of the Central Bank of Ecuador;

That, Article 24 of the same Code provides that the acts of the Financial and Monetary Policy and Regulation Board enjoy the presumption of legality and shall be expressed through resolutions that will 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 25.3 of the Organic Monetary and Financial Code establishes among the functions of the Technical Secretariat of the Financial and Monetary Policy and Regulation Board the elaboration of technical and legal reports that support regulation proposals, technical and administrative support to the Board, and other functions assigned to it;

That, Article 26 of the Organic Monetary and Financial Code determines that 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, which shall be governed by the Constitution of the Republic, the referred Code, its statute, regulations issued by its governing body, internal regulations, and other applicable laws regarding the subject matter;

That, Article 27 of the Organic Monetary and Financial Code provides that the Central Bank of Ecuador shall implement the monetary policy formulated by the Financial and Monetary Policy and Regulation Board, aimed at fostering and maintaining a stable monetary system, contributing to financial stability, and administering its balance sheet to preserve the integrity of dollarization;

That, numerals 4, 7, and 10 of Article 36 of the Organic Monetary and Financial Code attribute to the Central Bank of Ecuador the functions of elaborating and presenting reports required by the Financial and Monetary Policy and Regulation Board; elaborating an annual technical report regarding the level of sustainability of international reserves; and, preserving and administering the international reserve and other assets of the Central Bank of Ecuador;

That, Article 137 of the Organic Monetary and Financial Code defines the composition of the International Reserve; provides that the Central Bank of Ecuador shall administer it in accordance with best international practices and in conformity with its legal objective; and, attributes to the Board the issuance of regulations to administer an International Reserve adequate to the needs of international payments, as well as the methodology for its calculation;

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

That, through Resolution No. JPRM-2025-007-G, of July 16, 2025, the former Monetary Policy and Regulation Board issued the "Codification of Governance Resolutions of the Monetary and Financial Policy and Regulation Board and the Central Bank of Ecuador", in which Subsection I "Generalities", Section 2 "Composition and functioning of the institutional committees 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" are contained, in whose Article 13 numeral 3 appears the Monetary and Financial Stability Committee;

That, Article 38 of the referred Codification establishes as the general objective of the Monetary and Financial Stability Committee to know the state of systemic risk and monetary and financial stability through the evolution of risks and analytical studies;

That, letters a), b), e), f), and i) of Article 40 of the same instrument attribute to the Monetary and Financial Stability Committee the functions of knowing methodological proposals related to estimates and early warning indicators regarding the liquidity of the Central Bank of Ecuador and making recommendations on their implementation; knowing the results of analyses relative to the national financial system from a systemic, early warning, and macroprudential approach; knowing the monthly projection of liquidity flows of International Reserves; knowing the liquidity reports of the economy and the sustainability of International Reserves; and, knowing or resolving, as appropriate, regarding other aspects related to its scope of competence;

That, through Resolution No. JPRM-2025-006-M, of July 16, 2025, the former Monetary Policy and Regulation Board issued the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador";

That, General Provision Thirty-Sixth relative to Section 5 "Services of the Central Bank of Ecuador to operate with the exterior", Chapter I "Of the operations of the Central Bank of Ecuador", Title II "Operations Policies of the Central Bank of Ecuador", of the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador issued by the Monetary Policy and Regulation Board" establishes that, for statistical purposes, entities of the National Financial System will report to the Central Bank of Ecuador, in the structure and frequency that it determines, money transfers coming from abroad and money transfers to abroad made on their own account, by order of their clients, or for any other concept, and provides that the General Management of the Central Bank of Ecuador will inform the former Monetary Policy and Regulation Board quarterly of the results of the analyses carried out with this information;

That, through Administrative Resolution No. BCE-GG-021-2023, of November 28, 2023, reformed with Administrative Resolution No. BCE-GG-016-2024, of August 15, 2024, the "Internal Operating Regulation of the Monetary and Financial Stability Committee of the Central Bank of Ecuador" was issued, whose object is to establish the administrative areas responsible for elaborating reports, reports, and other internal documentation containing the state of systemic risk and monetary and financial stability for the knowledge of the Committee, as well as to determine the periodicity of its delivery;

That, letter e) of Article 4 of the referred Internal Operating Regulation of the Monetary and Financial Stability Committee of the Central Bank of Ecuador establishes that said Committee will know the monthly projection of liquidity flows of International Reserves;

That, the reform proposal maintains the obligation of entities of the National Financial System to report to the Central Bank of Ecuador money transfers coming from abroad and those made to abroad, and substitutes the quarterly presentation of the results of the analyses by the General Management to the Board, by its incorporation as a permanent section in the monthly report that will be brought to the knowledge of the Monetary and Financial Stability Committee;

That, First Transitional Provision of the Organic Reform Law of the Organic Monetary and Financial Code determines that members of the Financial and Monetary Policy and Regulation Board, 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, the Constitutional President of the Republic forwarded to the President of the National Assembly the list of candidates for the designation of members of the Financial and Monetary Policy and Regulation Board, 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 Financial and Monetary Policy and Regulation Board;

That, the Financial and Monetary Policy and Regulation Board, in ordinary session No. 019-2026, under electronic (asynchronous) modal, on September 11, 2026, knew the proposal sent through Memorandum No. BCE-BCE-2026-0391-M, of September 8, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Financial and Monetary Policy and Regulation Board, as well as, Technical Report No. BCE-GESFM010-2026 / BCE-SEMF-077-2026, of September 8, 2026; and, Legal Report No. BCE-GJ-093-2026, of September 8, 2026; and,

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

RESOLVES:

Article 1.- Substitute General Provision Thirty-Sixth, relative to Section 5 "Services of the Central Bank of Ecuador to operate with the exterior", Chapter I "Of the operations of the Central Bank of Ecuador", Title II "Operations Policies of the Central Bank of Ecuador", of the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador issued by the Monetary Policy and Regulation Board", issued through Resolution No. JPRM-2025-006-M, of July 16, 2025, by the following:

"THIRTY-SIXTH.- For statistical purposes, entities of the National Financial System will report to the Central Bank of Ecuador, in the structure and frequency that it determines for this effect, money transfers coming from abroad, as well as money transfers to abroad, made on their own account, by order of their clients, or for any other concept.
The Central Bank of Ecuador will incorporate the results of the analyses carried out with this information as a permanent section in the monthly report named 'Projection of the Liquidity Flows of International Reserves (IR) administered by the Central Bank of Ecuador (CBE)', which will be brought to the knowledge of the Monetary and Financial Stability Committee".

FINAL PROVISION. - This resolution will 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 and the update of the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador issued by the Monetary Policy and Regulation Board".

COMMUNICATE AND PUBLISH. - Given in the city of Quito D.M., on September 11, 2026.

THE PRESIDENT
Master Gustavo Estuardo Camacho Dávila

The resolution preceding was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Financial and Monetary Policy and Regulation Board, in the city of Quito D.M., on September 11, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Lawyer Ninoska Geovanna Ceballos Pin