Ecuador adopts measures with more control over banks

holaciudad.com reported that new measures will slow amounts of money sent out of the country and increase domestic loans.
Ecuadorian President Rafael Correa today justified the adoption of recent measures to control the country’s banks as beneficial mechanisms for the economy, as they seek to boost credit and slow the flow of resources

Ecuadorian President Rafael Correa today justified the adoption of recent measures to control the country’s banks as beneficial mechanisms for the economy, as they seek to boost credit and slow the flow of resources.

“We have made a ‘paquetazo’ to the banks,” said the president in explaining measures such as the increase in the banking reserve ratio of 2 to 5%, the increase in the domestic liquidity ratio and the downward revision of the services they provide These entities.

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The first measure is to prevent banks from sending money out of the country and to optimize the use of funds through the granting of loans, which helps to revive the economy, he said during a meeting with journalists in Portoviejo. Read Article