Resolution No. JPRFM-2026-026-M: Review of the Reserved Technical Report on Liquidity Reserves, Reserve Requirements, and Domestic Liquidity Coefficient for Q1 2026

RESOLUTION No. JPRFM-2026-026-M
THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

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 powers 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 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 Branch and shall be implemented through the Central Bank of Ecuador;

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

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

That, Article 17 of the referred Code, in its pertinent part, determines that:

"(...) All norms and policies issued by the Board of Financial and Monetary Policy and Regulation in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)";

That, Article 19, numeral 1 of the Organic Code of Monetary and Finance establishes as a function of the Board of Financial and Monetary Policy and Regulation specific functions of the Board in the monetary field: formulate monetary policy 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; and, supervise the compliance of the functions of the Central Bank of Ecuador;

That, Article 20 of the Organic Code of Monetary and Finance establishes that, in order to safeguard financial, monetary, securities, insurance, and prepaid medicine sustainability, the Board of Financial and Monetary Policy and Regulation may qualify as reserved the information related to the areas of its management; and, that the Technical Secretariat shall keep an orderly record of such information;

That, Article 24 of the same Code provides that the acts of the Board of Financial and Monetary Policy and Regulation 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 25.2 ibid determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions to provide technical and administrative support to the Board of Financial and Monetary Policy and Regulation and the others assigned to it by said Board;

That, Article 120 of the Organic Code of Monetary and Finance establishes that entities of the national financial system are obliged to maintain in the country the proportion of total liquidity determined by the Board of Financial and Monetary Policy and Regulation, through the Domestic Liquidity Coefficient;

That, Article 121 of the referred Code provides that entities of the national financial system are obliged to maintain liquidity reserves at the Central Bank of Ecuador with respect to their assets and/or liabilities, in accordance with the regulations issued by the Board of Financial and Monetary Policy and Regulation;

That, Article 240 of the ibid Code determines that entities of the public and private financial sectors, as well as those of the popular and solidarity financial sector, are obliged to maintain reserve requirements on the deposits and collections they have in their charge;

That, Article 241 of the Organic Code of Monetary and Finance provides that the Board of Financial and Monetary Policy and Regulation shall regulate the reserve requirement percentages in a differentiated manner, which may be established by collection structure, type of entity, among others;

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

That, through Resolution No. JPRM-2025-006-M, of July 16, 2025, the former Board of Monetary Policy and Regulation issued the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador", in Section I "Percentage of Reserve Requirements and Liquidity Reserves of Entities of the Public, Private, and Popular and Solidary Financial Sectors", Chapter IV "Monetary Policy Instruments", Title I "Monetary System", regulating the provisions relative to the percentage of reserve requirements and liquidity reserves; and, specifically, Articles 237 and 243 establish the obligation to constitute and maintain liquidity reserves, as well as the assets and percentages for their constitution;

That, in Article 247 of Section I "Percentage of Reserve Requirements and Liquidity Reserves of Entities of the Public, Private, and Popular and Solidary Financial Sectors", Chapter IV "Monetary Policy Instruments", Title I "Monetary System" of the "Codification of Monetary Policy Resolutions and Operations of the Central Bank of Ecuador", it is established that the General Management of the Central Bank of Ecuador shall report quarterly to the Board of Financial and Monetary Policy and Regulation on the evolution and compliance of Liquidity Reserves;

That, First Transitional Provision of the Organic Law Reforming the Organic Code of Monetary and Finance determines that the members of the Board of Financial and Monetary Policy and Regulation, 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 Office 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 Board of Financial and Monetary Policy and Regulation 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 Board of Financial and Monetary Policy and Regulation, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; and, María Isabel Camacho Cárdenas;

That, the Board of Financial and Monetary Policy and Regulation, in Ordinary Session No. 013-2026, under hybrid modality, on May 27, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0237-M, of May 22, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation, with the Reserved Technical Report No. BCE-GEEE-041-2026 / BCE-SEMF-047-2026 / BCE-GMPSN-024-2026 / BCE-SASP-282-2026, of May 22, 2026; as well as, the Reserved Legal Report No. BCE-GJ-011-2026, of May 22, 2026; and,

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

RESOLVES:

Sole Article. – To review the Reserved Technical Report No. BCE-GEEE-041-2026 / BCE-SEMF-047-2026 / BCE-GMPSN-024-2026 / BCE-SASP-282-2026 which contains the "Quarterly Report on the Evolution and Compliance of Liquidity Reserves (LR), Reserve Requirements, and Domestic Liquidity Coefficient (CLD): I quarter of 2026", presented by the Central Bank of Ecuador, in accordance with the applicable regulations in matters of monetary policy and financial stability.

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

The publication of this resolution on the institutional website is entrusted to the General Secretariat of the Central Bank of Ecuador.

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

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The resolution above was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the city of Quito D.M., on May 27, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Abg. Ninoska Geovanna Ceballos Pin