Efectos de la ley orgánica reformatoria al comf para la defensa de la dolarización: incidencias en el encaje bancario.

Abstract

State economic praxis has entailed a series of changes in monetary policy issues as a result of dollarization. The commitment to stabilize the financial sector of Ecuador has become debatable in a series of reformatory issues that have authorized the dependence of the Central Bank on the state, serving as a lender to the public function. However, in May 2021, the Organic Law Reformatory to the COMF for the Defense of Dollarization was sanctioned, assigning autonomous responsibilities to the BCE to focus on decision-making regarding the financial system, with this it is intuited that the independence of the BCE it would become a technical matter through articles that promote foreign investment and the reduction of interest rates. Likewise, with the independence of the BCE, it is assumed that liquidity levels would increase by creating better expectation scenarios with respect to banking reserves, having for this purpose the necessary jurisdiction to settle the ECB's liabilities through international reserves. Consequently, this research work aimed to analyze the effects of the Organic Law Reformatory to the COMF and its influence on the banking reserves of private and public institutions in the country; It was determined that the incidences of this reformatory law create better expectations for the private sector, implying in the subsistence of programs of progressive increase in the banking reserve that allow to balance the international reserves, equating them with the liabilities of the BCE gradually.