Banco Central del Ecuador
Banco Central del Ecuador is Ecuador's central bank. It promotes economic stability in Ecuador and encourages the country's development by keeping track of economic policy and ensuring that there is enough money available in the economic system.
It regularly publishes information about the state of Ecuador's economy.
Unlike many other central banks around the world, Banco Central del Ecuador does not issue its own currency. The currency of Ecuador is the United States dollar. However, the bank does ensure that the people of Ecuador have enough money available to them for them to engage in normal economic activities.
Banco Central del Ecuador also differs from many other central banks in that it does not set interest rates. Interest rates are set by the market. Banco Central del Ecuador is responsible for analyzing interest rates and sharing information about them.
The bank facilitates transfers through the private financial system.
Banco Central del Ecuador is the government's financial agent. Tax money and public funds are deposited here.
Individuals, businesses and government organizations can receive financial advice from the central bank.
The bank operates a museum of archeology and art in Quito.
Banco Central del Ecuador was founded after the July Revolution of 1925. At the time, Ecuador was facing an economic crisis characterized by inflation, speculation, credit abuse, inequality in balance of payments and an inability to exchange currency. Ecuador's central bank began operating on August 10, 1927.