The Central Bank of Ecuador announced this Saturday that its profits in 2023 were 683.4 million dollars, the highest level it has recorded since the beginning of dollarization, adopted in 2000 after one of the country’s worst financial crises.
The institute explained that, after the entity’s audits carried out on last year’s performance, its level of profits doubled the amount recorded in 2022 and tripled that of 2021.
He identified that the successful performance of the entity was due to adequate technical management, the high level of international reserves in the first quarter of 2023, the increase in interest rates internationally, good investments and also efficient legal actions.
Likewise, he highlighted the “successful conversion” of 241,124 ounces of gold, which represented 37% of the net profits recorded by the Central Bank in 2023.
The Monetary Policy and Regulation Board ordered that part of the profits be allocated to strengthening the institution’s assets and that the rest, 508.9 million dollars, be transferred to the Single Account of the National Treasury.
“This amount of profits transferred to the Ministry of Economy and Finance is the highest level since the beginning of dollarization,” the source added.
Ecuador adopted the US dollar in 2000 to replace the centennial and devalued sucre, the old national currency that ceased to exist after enduring the financial crisis of 1998 and 1999, with thirty private banks intervened and considered one of the worst in history. national.
That bank rescue then cost the national treasury more than 8,000 million dollars. EFE
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