Banco Central del Ecuador was awarded in London – La Nación 2023

2023-06-16 16:01:10

The Central Bank of Ecuador (BCE) promotes the Gold Marketing Program with small and artisanal miners. This project was awarded the international award for Initiative of the Year.

This recognition was delivered on June 13, 2023, at the Central Banking Awards Ceremony held in London.

The international prize
The Central Banking Awards recognize the excellence of institutions related to central banking in the world. The condition is that they have faced 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.

The General Manager of the Central Bank of Ecuador, Guillermo Avellán, pointed out that “this international recognition represents a milestone in terms of institutionality and transparency for the public sector and the ECB, which promotes the strengthening of dollarization and formalization of the mining sector.”

gold trading
As a result of the program, the Central Bank of Ecuador 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 was 157.9 million dollars.

In October 2022, the representatives of the Central Bank of Ecuador, BanEcuador and the Ministries of Environment and Energy and Mines signed a cooperation agreement. The intention was to promote the legal and sustainable development of small-scale mining and artisanal mining, through certification processes, and the granting of financing facilities through BanEcuador.

In this way, the BCE complies with the provisions of article 36 of the Organic Monetary and Financial Code and article 49 of the Mining Law, which establishes as one of the functions of the Institution to acquire non-monetary gold from small mining and artisanal mining in the national market.

– Trade