April 22, 2021 9:29 PM
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By a majority of 86 votes, the Council approved Defense Dollarization Act. The text was sent by the Ministry of Economy, at the beginning of this April, after having rejected it twice before Legislative Board of Directors. The last time because of constitutional problems.
Legal Initiative presents 106 modifying articles Monetary and financial organic law And nine provisions reform The Basic Law to End the Banking Crisis of 1999. In addition, it contains an annulment provision.
In the text, it is proposed to implement A. The four-budget system of the central bank, In order to “align the Bank’s work with international technical standards.” Also, the statutory body suggests Create two hinges: a monetary And another Financial issuesWhere decisions will be made regarding, for example, setting maximum interest rates on bank loans. Currently, there is only one board.
What’s more, The central bank is prohibited from using its international reserves To inject resources to the central government or independent governments in this way Promote dollarization It ensures that the Central supports third-party resources through international reserves.
Minister of Economy Mauricio PozzoSpeaking on Twitter about the approval of the law, he said that “a fundamental and very important step has been taken to defend economic stability and dollarization.”
The Embed a Tweet I have taken a very important and fundamental step in the defense of economic stability and dollarization. Thanks for your support on this fix. The country wins approval of this law a victory that benefits the present and the future. We move on! https://t.co/GGlx51aVFZ
Mauricio Pozzo (MauricioPozoEC) April 23, 2021
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