RESOLUTION No. JPRM-2022-013-M

THE MONETARY AND REGULATORY POLICY BOARD

CONSIDERING:

That, the Constitution of the Republic of Ecuador, in its article 226, 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 ibid., states that the Public Administration constitutes a service to the community that is 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 Branch and will be implemented through the Central Bank of Ecuador;

That, the second paragraph of article 32 of the Organic Monetary and Financial Code determines that: "(...) Within three months following the close of its financial year, the Central Bank of Ecuador shall publish, and present to the National Assembly and the public finance regulatory body, a report approved by the Monetary and Regulatory Policy Board, on the state of the economy during said financial year, including a projection of the economy for the following year, emphasizing its policy objectives. (...)");

That, article 47.1 of the Code ibid., creates the Monetary and Regulatory Policy Board, as part of the Executive Branch, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, which will implement this policy;

That, items 1 and 26 of article 47.6 of the aforementioned norm, as functions of the Monetary and Regulatory Policy Board, establishes: "(...) 1. Formulate policy in the monetary sphere and observe its application, by the Central Bank of Ecuador, to preserve the integrity and sustainability of the dollarization monetary system and the financial system, in accordance with the provisions of this Code; (...) 26. Those others conferred by law";

That, it corresponds to the Monetary and Regulatory Policy Board to review the report prepared by the Central Bank of Ecuador regarding the state of the economy during the financial year corresponding to the year 2021, including the projection of the economy for the year 2022;

That, the Monetary and Regulatory Policy Board, in an extraordinary session by mixed modality, on March 31, 2022, reviewed the Report on the Evolution of the Ecuadorian Economy in 2021 and 2022 Perspectives, sent via memorandum No. BCE-BCE-2022-0082-M, of March 30, 2022, by the General Manager of the Central Bank of Ecuador to the President of the Monetary and Regulatory Policy Board, as well as the Legal Report No. BCE-CGJ-052-2022, of March 29, 2022;

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

RESOLVES:

Article 1.- Approve the Report on the Evolution of the Ecuadorian Economy in 2021 and 2022 Perspectives, presented by the Central Bank of Ecuador, regarding the state of the economy during the financial year corresponding to the year 2021, which includes the projection of the economy for the year 2022.

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

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

COMMUNICATE AND PUBLISH.- Given in the Metropolitan District of Quito, on March 31, 2022.

THE PRESIDENT

Signature

Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The resolution above was signed by Dr. Tatiana Maribel Rodríguez Cerón - President of the Monetary and Regulatory Policy Board, in the Metropolitan District of Quito, on March 31, 2022.- I CERTIFY.

ADMINISTRATIVE SECRETARY

Signature

Attorney MARÍA ALEXANDRA GUERRERO DEL POZO