Guillermo Avellán on BCE independence, capacity-building and dollarisation
Ecuador’s general manager speaks about bolstering legal autonomy, dollarisation, payments and gold production
Do you believe Ecuador needs further legal reforms to strengthen the central bank’s autonomy, improve its balance sheet, bolster governance or expand its capacity?
There is a need for strategic reforms to the Monetary and Financial Code. This includes passing on responsibilities for policies and regulation related to liquidity management and the interest rate system from the financial board, which is one regulator [and part of the executive branch], to the Monetary Policy and Regulation Board
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Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Fewer central banks added new reserve assets in 2023
Overall, 10.3% of institutions diversified their asset allocation, down from 18.6% last year
Wallstreet and others rank highest for reserves technology services
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Goldman Sachs and “other” asset management firms also score highly
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