Moreno tells private bankers that he is committed to the U.S. dollar

May 19, 2017 | 2 comments

In a Thursday meeting with Ecuador’s Private Banking Association (ABPE), President-elect Lenin Moreno promised that the U.S. dollar will remain the country’s currency while he is in office.

Lenin Moreno meets with bankers Thursday. (El Comercio)

“The dollar has provided us with stability over the past 18 years and I remain committed to it,” Moreno told members of ABPE. “Financial solvency is the keystone to any economy and the dollar has been critical in this regard.” He added that reports from political opposition sources that he plans to abandon the dollar for a new national or regional currency are false.

Moreno also promised to maintain open communications with bankers during his presidency. “We need your help to build the economy and it is essential that we work together closely to achieve that goal,” he said. Bankers have complained that they have had a poor relationship with out-going president Rafael Correa, and were often “treated as the enemy,” according to one banker.

In exchange for a policy of openness, Moreno said he expected private banks to provide funding to all segments of the economy. “We need efficient allocation of resources between all savers and credit claimants as well as involvement in productive and economic development strategies to lead Ecuador forward,” he said.

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