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Central Bank of Ecuador, awarded at the Central Banking Awards

Central Bank of Ecuador, awarded at the Central Banking Awards

The Central Bank of Ecuador (BCE) reported on Monday that it was awarded the international award for Initiative of the Year at the Central Banking Awards.

This award recognizes the recent innovative efforts of the institution for its Gold Marketing Program, which seeks to promote the formalization of small-scale and artisanal miners, promote the best environmental practices, and provide access to financing under better conditions.

The Central Banking Awards recognize the excellence of institutions related to central banking around the world, which have faced important operational challenges, public policy, technological changes and environmental transition.

The awarded institutions stand out for making significant improvements in governance, operation, communications, economy, infrastructure and other relevant contributions to society.

In October 2022, the Central Bank of Ecuador, together with BanEcuador, the Ministry of Environment, Water and Ecological Transition and the Ministry of Energy and Mines, signed a cooperation agreement in order to promote the legal and sustainable development of this activity. , through rigorous certification processes for small-scale and artisanal Ecuadorian miners, in addition to offering financing facilities through BanEcuador.

In this way, the BCE complies with the provisions of the Organic Monetary and Financial Code and the Mining Law, which establishes as one of the functions of the institution to acquire non-monetary gold from small-scale mining and artisanal mining in the National market.

As part of this program, the Central Bank successfully concluded the process of refining and certifying 80,850.7 troy ounces of non-monetary gold, which made it possible to incorporate into the International Reserve (IR) of Ecuador certified gold bars whose value, to date of its record, it was 157.9 million dollars, it detailed in a statement.

The general manager of the Central Bank, Guillermo Avellán, stated that the Gold Commercialization Program was strengthened to guarantee compliance with local environmental regulations, through coordinated work with different public entities involved in the mining sector.

In addition, he pointed out that “this international recognition represents a milestone in terms of institutionality and transparency of the ECB, which promotes the strengthening of dollarization and formalization of the mining sector.”

Ecuador has had a dollarized economy since 2000, when the US dollar replaced the sucre as the standard of exchange.

Source: EFE

Source: Gestion

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