New President to Ecuador Central Bank
Ecuador's Central Bank board on Wednesday elected former International Monetary Fund adviser Mauricio Yepez as president of the body in charge of monitoring the country's economy and monetary reserves.
Yepez, 44, was optimistic that after suffering a 7.3 percent decline in 1999, Ecuador's economy has shown signs of recovery that will permit long-term planning to sustain stability in the future.
Also on Wednesday, Central Bank officials Sixto Cuesta and Juan Carlos Pitarque took their place on the board, replacing members who left as part of a periodic board renovation designed to maintain transparency.
Currently, Ecuador's Central Bank faces the additional task of managing Banco del Pacifico, taken over by the state during a financial crisis between 1998 and 2000, to prepare the formerly private bank for sale.
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