Ecuador Pushes Back Deadline for Covering Central Bank Reserves

Ecuador’s fast-track “Public Integrity” law went into effect, pushing back a deadline to fully cover the central bank’s four-tier reserve system to 2040 from 2035, according to the nation’s official gazette.

• The legislation published Thursday allows the central bank to “contract contingent lines of liquidity, on its own account, that shall not be considered public debt”
• It also merges the financial and monetary boards to create a unified top governing body that will be tasked with approving any contingent liquidity line
• Lawmakers modified the law, originally submitted by President Daniel Noboa to modernize public procurement, to include several central ...