The Bank of the Ecuadorian Social Security Institute (Biess) suspended the national jewelry auction that was scheduled from May 5 to July 27, 2023 through the schedule.

The institution stated, without giving details about the reason for the suspension: “We will inform about the new schedule of auctions in a timely manner through our official channels.”

According to the calendar, the first auction was scheduled for May 5 in Latacunga, May 11 in Ambat, May 18 in the south of Quito, May 25 in Loja, June 2 in Ibarra, June 8 and 9 in the north of Quito, June 15 in Portoviejo and June 22 and 23 in Guayaquil.

Last January, Biess estimated that this year, $110 million in loans would be approved for more than 170,000 Ecuadorians. In this case, the planned investment is higher than last year’s, which reached 97 million dollars.

Biess plans to provide $4,874 million in loans and $2,000 million to the public sector in 2023.

Meanwhile, Biess has been reporting alternatives through its official channels so that members do not lose their jewelry when it is auctioned. Alfredo Cerda, head of Biess Pledge Loans, indicated that one option was to pay off the entire loan by the day of the auction and generate a new loan.

Another option is to renew the mortgage loan by paying only 30% of the loan plus interest and operating costs.