Representatives of the National Coordinator of Retired Teachers of Ecuador ‘Alfonso Yánez Montero’ met last Thursday, June 8, with the Chairman of the Board of Directors of the National Financial Corporation (CFN), Jorge Andrade Avecillas, to thank the administration with the purchase of bonds to retired teachers by the entity, for a total of 30 million dollars.

The $20 million awarded by CFN to purchase bonds for retired teachers has already been negotiated in more than 400 operations

This follows CFN’s successful completion of a second $10 million retired teacher bond investment announced at the end of March 2023, benefiting more than 620 retired teachers with tangible resources from 209 operations, according to the entity. The first purchase process was announced last January for $20 million.

These operations were conducted through brokerage houses across the country, with a return rate of 6.5%.

However, at the beginning of the first purchase, there were objections from the same leaders of the Association. Last January, Aracely Moreno, president of the Guayas Provincial Coordinator of the Guild, assured at the time that most brokerages wanted to charge high commission amounts of up to $14,000 to buy bonds. These complaints did not recur, and the two processes promoted by the CFN culminated the novelty.

Meanwhile, the entity did not rule out the purchase of new bonds and indicated that it will announce through official channels if a new purchase process is implemented in the future.