Resolution No. JPRFM-2025-009-G Approves the Budget of the Central Bank of Ecuador for the 2026 Fiscal Year

RESOLUTION No. JPRFM-2025-009-G
THE 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 under 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 Public Administration constitutes a service to the community governed by the principles of efficiency, quality, hierarchy, coordination, planning, among others;

That, Article 280 of the Magna Carta provides: “The National Development Plan is the instrument to which public policies, programs, and projects; the programming and execution of the State budget; and the investment and allocation of public resources shall be subject; and to coordinate the exclusive competencies between the central State and the decentralized autonomous governments. Its observance shall be mandatory for the public sector and indicative for other sectors”;

That, Article 293 supra establishes: “The formulation and execution of the General State Budget shall be subject to the National Development Plan. The budgets of decentralized autonomous governments and those of other public entities shall be adjusted to the regional, provincial, cantonal, and parish plans, respectively, within the framework of the National Development Plan, without prejudice to their competencies and autonomy”;

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 shall be implemented through the Central Bank of Ecuador;

That, on October 13, 2025, the Organic Reformatory Law of the Organic Code of Monetary and Financial Law was published in the Sixth Supplement of the Official Register No. 142;

That, Article 13 of the Organic Code of Monetary and Financial Law creates the Financial and Monetary Policy and Regulation Board, 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 services policy and regulation. The Financial and Monetary Policy and Regulation Board shall be the highest governing body of the Central Bank of Ecuador;

That, numeral 13 of Article 19 of the same Code, regarding the specific functions of the Board, in the monetary field, among others, establishes: “13. Approve the budget of the Central Bank of Ecuador and supervise its execution”;

That, Article 24 ibid 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 shall 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 matter;

That, Article 25.2 of the same Code determines that the Technical Secretariat of the Financial and Monetary Policy and Regulation Board is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the elaboration of technical and legal reports that support regulation proposals, provide technical and administrative support to the Financial and Monetary Policy and Regulation Board, and those others assigned to it by said Board;

That, Article 26 of the Organic Code of Monetary and Financial Law establishes that the Central Bank of Ecuador is a public law legal entity, part of the Executive Function, with institutional, administrative, budgetary, and technical autonomy; and expressly states that the Central Bank of Ecuador does not perform public banking functions;

That, Article 34 supra determines: “By November of each year, the Financial and Monetary Policy and Regulation Board shall approve the annual budget of the following economic exercise of the Central Bank of Ecuador.
The Central Bank of Ecuador shall submit the budget proforma of the following economic exercise to the Financial and Monetary Policy and Regulation Board fifteen (15) days before the deadline for budget approval.
The Financial and Monetary Policy and Regulation Board may request clarifications and corrections to the budget proforma prior to its approval within the timeframe provided for this purpose.

RESOLUTION No. JPRFM-2025-009-G

All income and revenues generated by the Central Bank of Ecuador or granted to the Central Bank of Ecuador from any source and the expenses foreseen shall be included in the budget proforma, except for profits or losses from adjustments to the fair value of financial instruments; depreciation of property, plant, and equipment; and amortization of intangible assets, considering that they do not represent cash outflows for the Central Bank of Ecuador. These latter items shall be considered in the financial statements of the Institution”;

That, General Provision Twenty-Nine ibid 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, numeral 1 of Article 5 of the Organic Code of Public Planning and Finance establishes: “The programming, formulation, approval, allocation, execution, monitoring, and evaluation of the General State Budget, the other budgets of public entities, and all public resources shall be subject to the guidelines of development planning at all levels of government, in observance of what is provided in Articles 280 and 293 of the Constitution of the Republic”;

That, the second paragraph of Article 70 ibid, regarding the National System of Public Finance, states: “All entities, institutions, and organizations included in Articles 225, 297, and 315 of the Constitution of the Republic shall be subject to the SINFIP, under the terms provided in this code, without prejudice to the autonomous management faculty of administrative, economic, financial, budgetary, and organizational order that the Constitution or laws establish for certain entities”;

That, First Transitional Provision of the Organic Reformatory Law of the Organic Code of Monetary and Financial Law determines that the members of the Financial and Monetary Policy and Regulation Board, sworn in on September 16, 2025, by the National Assembly, shall continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That, through Office No. T.233-SGJ-25-098, dated September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, he sent the list of candidates for the designation of the Members of the Financial and Monetary Policy and Regulation Board; as well as, the temporality of their stay within the initial period;

RESOLUTION No. JPRFM-2025-009-G

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, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and Jeniffer Nathaly Rubio Abril;

That, the Financial and Monetary Policy and Regulation Board, through Ordinary Session No. 006-2025, under mixed modality, on November 27, 2025, reviewed the proposal sent via Memorandum No. BCE-BCE-2025-0262-M, dated November 14, 2025, 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-SF-INF-062-2025, dated November 13, 2025, and Legal Report No. BCE-GJ-055-2025, dated November 13, 2025; and,

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

RESOLVES:

Article 1.- Approve the budget of the Central Bank of Ecuador corresponding to the 2026 economic exercise, in accordance with the attached annexes.

Article 2.- The General Management of the Central Bank of Ecuador shall be in charge of the execution of the budget; for which, it may agree, execute, and celebrate any type of act, fact, agreement, contract, or legal business that leads to the fulfillment of the entity's purposes and objectives, and direct its operational and administrative management subject to the legal framework, strategic planning, and operational plans that directly impact institutional management.

Article 3.- The General Manager of the Central Bank of Ecuador shall inform the Financial and Monetary Policy and Regulation Board 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.

Article 4.- Reforms to the budget of the Central Bank of Ecuador that imply increases in the total value of the budget of expenses shall be approved by the Financial and Monetary Policy and Regulation Board.
This process must rigorously observe the same procedure established for the initial approval of the budget, guaranteeing transparency, coherence with institutional objectives,

RESOLUTION No. JPRFM-2025-009-G

and compliance with current regulations.

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

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

COMMUNICATE AND PUBLISH. - Given in the city of Quito D.M., on November 27, 2025.

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The resolution above 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 November 27, 2025.- I CERTIFY.

TECHNICAL SECRETARIAT
Lic. Julio Fernando Moya Jarrín