Central Banking

Ecuadorian board member seen as president's ally

Ecuador's congress has named Miguel Ruiz, who is seen as an ally of the country's leftist president, to the central bank's board boosting his influence over an institution he has vowed to strip of its independence.

Ruiz is an economist in the country's Internal Revenue Service, and will join the central bank's five-member board for a term that will expire in September 2010.

The central bank has little control over monetary policy, as the country adopted the dollar as its official currency in 2000

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