Resolution No. JPRFM-2026-006-A Approves the Audited Financial Statements of the Central Bank of Ecuador for the Period from January 1 to December 31, 2025

RESOLUTION No. JPRFM-2026-006-A
THE FINANCIAL AND MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador provides 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 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 constitutional norm 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, 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, 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, Article 17 of the aforementioned 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.

RESOLUTION No. JPRFM-2026-006-A
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, numeral 14 of Article 19 supra, regarding the Board's functions in the monetary scope, establishes: "(...) 14. To review and approve the annual financial statements 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 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 25.2 ibid 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 preparation of technical and legal reports supporting regulation proposals, providing technical and administrative support to the Financial and Monetary Policy and Regulation Board, and those otherwise assigned by said Board;

That, Article 30 of the aforementioned Organic Code states: "The net results of the Central Bank of Ecuador shall be determined based on the financial statements prepared in accordance with internationally recognized accounting standards applicable to the institution, which must have the opinion of an independent external auditor (...)";

That, Article 31 of the aforementioned Code determines that: "The Monetary Policy and Regulation Board shall review and approve the annual financial statements whenever they comply with the policies and accounting procedures of the Central Bank of Ecuador, which must be based on internationally recognized accounting standards.
Within three months following the closing of its fiscal year, the Central Bank of Ecuador shall present to the entity in charge of public finances and the National Assembly, the financial statements approved by the Financial and Monetary Policy and Regulation Board, signed by the General Manager, the accountant, and audited by the external auditor.
Within a period of thirty (30) days, from the certification of the annual financial statements by the external audit, the Central Bank of Ecuador must publish the financial statements, the notes to said financial statements, and the opinion issued by the external auditor.
The Central Bank of Ecuador must publish monthly financial statements, within fifteen (15) days following the closing date of each month. It must present copies of said balances to the entity in charge of public finances";

That, Article 33 ibid prescribes: "Within the general balance sheet of the Central Bank of Ecuador, the following systems are created:
First System: In the liability of this System, national fractional currency in circulation, any other direct obligation with the public, and deposits from other deposit societies, which include: private banks, mutual savings and housing credit unions, savings and credit cooperatives, public banks that capture demand deposits, shall be recorded. These liabilities must be covered one hundred percent with international reserves. Second System: In the liability of this System, deposits from other financial entities including the National Financial Corporation B.P., the Bank of the Ecuadorian Social Security Institute, other public sector financial entities, and financial intermediaries that do not capture demand deposits shall be recorded. These liabilities must be covered one hundred percent with the remaining amount of international reserves, after covering the liabilities corresponding to the First System. Third System: In the liability of this System, deposits of the Non-Financial Public Sector (NFPS), duly authorized private legal entities, in the Central Bank of Ecuador, and transfers through the Payment System pending settlement, as well as the external debt specific to the Central Bank of Ecuador, shall be recorded. These liabilities must be covered one hundred percent with the assets of the international reserve, once the second system has been fully covered. Fourth System: Registers the rest of the asset and liability accounts of the Central Bank of Ecuador, including equity and results accounts. Once the Third System is covered, its remainder shall be added to the assets covering this System. In the case of lack of coverage of the first or second system, the Financial and Monetary Policy and Regulation Board, in coordination with the entity in charge of public finances, must adopt pertinent measures for its coverage. The Financial and Monetary Policy and Regulation Board shall determine and publish the methodology for the distribution of assets and liabilities of each of the systems. The publication of the general balance sheet of the Central Bank of Ecuador, classified into the four systems, shall be carried out on a monthly basis";

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, through Resolution No. JPRM-2024-011-G, of July 10, 2024, the former Monetary Policy and Regulation Board designated the company KRESTON AUDIT SERVICES ECUADOR CIA. LTDA., to perform the external audit of the Central Bank of Ecuador corresponding to the economic exercise of the years 2024, 2025, and 2026;

That, the "Norm for the Contracting of External Auditors of the Central Bank of Ecuador," is contained in Section 2 of Chapter II "Of the Audit of the Central Bank of Ecuador," Title II "Governance Policies of the Central Bank of Ecuador" of the "Codification of Resolutions of Governance of the Monetary Policy and Regulation Board and the Central Bank of Ecuador";

That, through Resolution No. JPRFM-2025-017-G, of December 23, 2025, the Financial and Monetary Policy and Regulation Board replaced Chapter II "Regulation of the Audit Committee of the Central Bank of Ecuador," of Title I "Functioning of the Monetary Policy and Regulation Board" of the "Codification of Resolutions of Governance of the Monetary Policy and Regulation Board and the Central Bank of Ecuador";

That, Article 36 of Chapter II "Regulation of the Audit Committee of the Central Bank of Ecuador," of Title I "Functioning of the Monetary Policy and Regulation Board" of the "Codification of Resolutions of Governance of the Monetary Policy and Regulation Board and the Central Bank of Ecuador," regarding the functions of the Audit Committee with respect to financial statements, among others, states: "b) Monitor the financial statements of the Central Bank of Ecuador, prior to their presentation and approval by the Financial and Monetary Policy and Regulation Board, in order to verify that said financial statements have been reviewed by the Banking Audit Directorate and the external audit, through the different reports and reports they have issued; (...)";

That, the company KRESTON AUDIT SERVICES ECUADOR CIA. LTDA., through letter No. KE-BC-2026-007, of February 24, 2026, issued the opinion on the reasonableness of the financial statements of the Central Bank of Ecuador, for the period from January 1 to December 31, 2025, with their respective notes;

That, as recorded in Memorandum No. BCE-JPRFM-2026-0041-M, of February 26, 2026, the President of the Audit Committee informs the Financial and Monetary Policy and Regulation Board of the Audit Committee Report No. BCE-CA-2026-001, which in its pertinent part recommends: "The Audit Committee agrees with the review activities carried out by the Banking Audit Directorate, in relation to the Opinion on the reasonableness of the Financial Statements and their respective Notes, presented by the external auditors; as well as with the opinion issued by the external auditors, Kreston Audit Services Ecuador Cia. Ltda., regarding the reasonableness with which the Financial Statements of the Central Bank of Ecuador as of December 31, 2025, with their respective Notes, are presented, therefore we recommend to the Financial and Monetary Policy and Regulation Board to review and approve said documents.";

That, the First Transitional Provision of the Organic Reform Law of the Organic Monetary and Financial Code determines that the 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, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Financial and Monetary Policy and Regulation Board was sent; 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, 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;

RESOLUTION No. JPRFM-2026-006-A
That, the Financial and Monetary Policy and Regulation Board, through extraordinary session No. 005-2026, in person mode, on February 27, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0063-M, of February 26, 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-GAF-002-2026/BCE-SF-007-2026, of January 29, 2026; and, Legal Report No. BCE-GJ-017-2026, of February 26, 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.– Approve the Audited Financial Statements of the Central Bank of Ecuador, for the period from January 1 to December 31, 2025, with their respective notes.

Article 2.- Order the Central Bank of Ecuador to publish the audited and approved financial statements, for the period from January 1 to December 31, 2025, as well as the notes to said financial statements and the opinion issued by the external auditor, on the institutional website.

FINAL PROVISION. - This resolution shall 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; once carried out, it must communicate and certify its content immediately to the General Management and the Financial Administrative Management.

NOTIFY AND PUBLISH. - Given in the city of Quito D.M., on February 27, 2026.

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The resolution above was processed and signed by Master Gustavo Estuardo Camacho Dávila -

RESOLUTION No. JPRFM-2026-006-A
President of the Financial and Monetary Policy and Regulation Board, in the city of Quito D.M., on February 27, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Mgs. Jennifer Mishel Carrillo Rosales