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Ecuador Political News

Ecuador Central Bank Doubles BIS Credit Line to $840 Million

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Ecuador’s central bank doubled its emergency credit line with the Bank for International Settlements to $840 million as a precautionary measure in case of a downturn, its governor said in an interview.

The credit line is part of efforts to strengthen the bank after previous administrations used its funds for government spending, Guillermo Avellan said. Those actions hurt the monetary authority’s autonomy and put “both the institution’s liquidity and capacity to meet obligations at risk,” he said.

Ecuador’s economy is getting a boost from a coronavirus vaccination drive that is expected to inoculate half of the country’s 17.5 million residents this month. That push will boost consumer spending and investment, likely propelling this year’s growth beyond the bank’s 2.8% estimate, Avellan said. Still, the top near-term threat would be a hawkish shift by the U.S. Federal Reserve.

To read the full story on Bloomberg, click here.



Members of indigenous communities in the Amazon in Ecuador would like to know: What happened to the more than $20M reportedly raised on their behalf by now-disbarred NY lawyer Steven Donziger? #FollowtheMoney
#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:

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