JPRM-2025-010-G — Authorize the Ministry of Production, Foreign Trade, Investments and Fisheries to Open and Maintain an Account at BANECUADOR B.P.

THE MONETARY AND FINANCIAL POLICY BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting under state authority 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 efficiency, quality, hierarchy, coordination, planning, among others;

That, Article 299 ut supra, in its pertinent part, states that special accounts will be created in the Central Bank of Ecuador for the management of deposits of public companies and decentralized autonomous governments, and other corresponding accounts, providing that public resources shall be managed in public banking;

That, the first clause of Article 303 of the Constitution of the Republic of Ecuador 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, numeral 14 of Article 36 of the Organic Monetary and Financial Code, regarding the functions of the Central Bank of Ecuador, establishes: "(…) 14. Act as fiscal agent, financial agent, and depository of public resources, and provide banking services to entities in the public sector and to the national financial system, according to the market remuneration determined by the Monetary and Financial Policy Board";

That, Article 36.2 of the same Code provides: "The Central Bank of Ecuador, to carry out its operations, may open and maintain current accounts in its books for:

1. National financial entities and entities in the public sector;
2. Foreign banks, central banks, international financial institutions, and, when necessary, foreign governments, international organizations, and donor organizations; and,
3. Entities participating in the Securities Market, except issuers.
   The Central Bank of Ecuador will not open current accounts for natural persons.
   The Monetary and Financial Policy Board shall prescribe the conditions for opening current accounts in the books of the Central Bank of Ecuador";

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That, the first and third clauses of Article 40 ibidem establish: "Public resources of institutions, organisms, and companies in the non-financial public sector shall be maintained in deposit at the Central Bank of Ecuador, in accordance with the regulations issued by the Monetary and Financial Policy Board. (…) National financial system entities shall not open, in the name of public institutions, any other type of account, unless they have the authorization granted by the Monetary and Financial Policy Board, prior to a favorable report from the governing body of Public Finance. This prohibition shall apply especially to accounts with check-writing capacity (…)";

That, Article 41 of the same Organic Code provides: "Institutions, organisms, and companies in the non-financial public sector shall effect, through the Central Bank of Ecuador, or its accounts, all payments they must make, as well as all operations and financial services they require, including foreign trade operations, in accordance with the regulations and exceptions issued by the Monetary and Financial Policy Board (…)";

That, Article 47.1 ut supra created the Monetary and Financial Policy Board as part of the Executive Function, responsible for the formulation of monetary policy, and the highest governing body of the Central Bank of Ecuador;

That, Article 47.6 of the same Code, regarding the functions of the Monetary and Financial Policy Board, among others, establishes: "(…) 26. Those others conferred by law.
To fulfill these functions, the Monetary and Financial Policy Board shall issue norms in matters within its competence, without being able to alter legal provisions";

That, Article 47.7 of the aforementioned Code states that: "The acts of the Monetary and Financial Policy Board enjoy the presumption of legality and shall be expressed through resolutions that shall have obligatory force (…)";

That, Article 162 of the Organic Code of Public Planning and Finance establishes: "Public resources shall be managed through public banking, considering, where appropriate, the respective technical norms and the management capacities of the entities that make up public banking. The collection, payment, or transfer of said resources may be carried out through other financial entities".

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That, the second and third clauses of Article 163 of the aforementioned Organic Code determine: "For the management of deposits and credits of public companies, decentralized autonomous governments, and those corresponding, special accounts will be created in the Central Bank of Ecuador.
Any organism, entity, and dependency of the Non-Financial Public Sector, with or without economic and/or budgetary and/or financial autonomy, shall accredit the entirety of public financial resources that it obtains, collects, or receives in any form to the respective accounts opened at the Central Bank of Ecuador (…)";

That, General Provision First of the same Organic Code establishes: "Regardless of the origin of the resources, entities and organisms in the non-financial public sector shall not create accounts, funds, or other mechanisms for the management of income and expenses that are not authorized by the governing body of the Public Finance System";

That, Tenth Transitional Provision of the Organic Law of Public Integrity, published in the Third Supplement of the Official Register No. 68, of June 26, 2025, establishes that the current members of the Monetary and Financial Policy Board and the Financial Policy and Regulation Board shall cease their functions in advance once the appointment of the members of the new Financial and Monetary Policy and Regulation Board created with the reform to the Organic Monetary and Financial Code is finalized;

That, the second clause of Fourth Transitional Provision of the Organic Law for the Strengthening of Protected Areas, published in the Fourth Supplement of the Official Register No. 80, of July 14, 2025, provides that the structure and functions of the Financial Policy and Regulation Board and the Monetary and Financial Policy Board, established in the Organic Monetary and Financial Code until before June 26, 2025, shall remain in force until the appointment of the members of the new Financial and Monetary Policy and Regulation Board;

That, the third clause of Article 167 of the Regulations of the Organic Code of Public Planning and Finance provides: "(…) Public companies, decentralized autonomous governments, social security entities, and public banking shall manage their resources through the special accounts opened at the official depository (…)";

That, by Resolution No. JPRM-2025-006-M, of July 16, 2025, the Monetary and Financial Policy Board issued the Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador issued by the Monetary and Financial Policy Board, in whose Title II, Chapter I, Section I the "Opening of current accounts at the Central Bank of Ecuador" is regulated and in Section II contains the norms of "Public Sector Deposits";

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That, Article 5 of Section II "Public Sector Deposits" establishes that "Institutions, entities, organisms, and companies in the public sector shall maintain accounts at the Central Bank of Ecuador and use its services to directly carry out collections, payments, and monetary transfers";

That, Article 17 of the aforementioned section provides that "Only and exceptionally, the Monetary and Financial Policy Board may authorize the opening of accounts that are not collectors in entities of the national financial system, provided that the requesting non-financial public entity has a favorable report from the governing body of public finance";

That, by Letter No. MPCEIP-MPCEIP-2025-0153-O, of March 18, 2025, the Ministry of Production, Foreign Trade, Investments and Fisheries (MPCEIP) informed the Ministry of Economy and Finance that the Undersecretariat of Agroindustry is executing the project "Strengthening the capacities of Rural Productive Units in the Focused Territory - Emprender" and requested "(…) instruct whoever is responsible for managing the authorizations for the signing of the agreement that allows the viability of opening an account at BanEcuador B.P. for the management of co-financing funds within the framework of the management model of the Emprender project".

That, by Letter No. MEF-VGF-2025-0376-O, of June 6, 2025, the Ministry of Economy and Finance issued a favorable report so that the Monetary and Financial Policy Board authorizes the opening of an account at BANECUADOR B.P., in the name of the Ministry of Production, Foreign Trade, Investments and Fisheries (MPCEIP), for the management of co-financing funds, within the framework of the management model of the project "Strengthening the capacities of Rural Productive Units in the Focused Territory - EMPRENDER";

That, the Monetary and Financial Policy Board, through an extraordinary session by virtual modality, on July 24, 2025, reviewed the proposal sent via Memorandum No. BCE-BCE-2025-0148-M, of July 15, 2025, by the General Manager of the Central Bank of Ecuador to the President of the Monetary and Financial Policy Board; as well as, Technical Report No. BCE-GMPSN-2025-030 / BCE-SSFN-2025-292, of July 15, 2025 and Legal Report No. BCE-GJ-028-2025, of July 15, 2025; and,

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In exercise of its functions and in attention to Article 47.7 of the Organic Monetary and Financial Code, the Monetary and Financial Policy Board:

RESOLVES

Article 1- Authorize the Ministry of Production, Foreign Trade, Investments and Fisheries to open and maintain an account at BANECUADOR B.P., by exception, with check-writing capacity, for the management of funds within the framework of the management model of the project "Strengthening the capacities of Rural Productive Units in the Focused Territory - EMPRENDER", in accordance with the favorable report issued by the Ministry of Economy and Finance.

Article 2.- The Ministry of Production, Foreign Trade, Investments and Fisheries is responsible for the administration and control of the account authorized with check-writing capacity at BANECUADOR B.P.

SINGLE GENERAL PROVISION: The Ministry of Production, Foreign Trade, Investments and Fisheries must inform the Ministry of Economy and Finance and the Central Bank of Ecuador of the date of opening and closing of the authorized account.
The Ministry of Production, Foreign Trade, Investments and Fisheries must close the authorized account once the EMPRENDER project is completed.

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

Its publication on the institutional website is entrusted to the General Secretariat of the Central Bank of Ecuador.

NOTIFY AND PUBLISH. - Given in the city of Quito D.M., on July 24, 2025.

THE PRESIDENT
Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

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The aforementioned resolution was signed by Doctor Tatiana Maribel Rodríguez Cerón - President of the Monetary and Financial Policy Board, in the Metropolitan District of Quito, on July 24, 2025.- I CERTIFY.

ADMINISTRATIVE SECRETARY
Attorney MARÍA ALEXANDRA GUERRERO DEL POZO