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  • Towards International Standards - WA#42
    Towards International Standards - WA#42

    Bank financial statements to September 30

  • As of September 30, deposits abroad of private banks fell -18.0% in the quarter to $918 m. Cash funds total $1.2 bn, quarterly decrease of -4.5%. The sum of both accounts (green bars) is equivalent to 21.2% of monetary deposits, 2.8 points more than in June (red curve). (WA#42)

  • The authorities put out the estimate of net public sector revenues from the economic measures, including the tax reform yet to be sent to the Assembly, and net of outlays for compensation measures. The key revenue earner was the fuel hike, which at $1,546 mn, we consider was grossly underestimated. The point is now moot, as fuel subsidies were reinstalled. (WA#41)

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Weekly Analysis Briefs

  • 42.- TOWARDS INTERNATIONAL STANDARDS

    Liquidity slowdown is a symptom of a fragile economy where the financial system reduces its credit multiplier effect. This means that, due to weak credit demand, the funds that return to the financial system as deposits also decrease. The Moreno administration promotes the modernization of the Monetary and Financial Code in line with what was ag...

  • 41.- WHO GOVERNS?

    Conaie is now the government of 16 million Ecuadorans, gloated the organization leader Jaime Vargas, after President Moreno caved in to Conaie demands and voided the end of fuel subsidies. Vargas has a more ambitious economic agenda: he opposes the agreement with the IMF, foreign investment in mining, among others. As of this writing, it is not kno...

  • 40.- CONSUMPTION DRIVES ECONOMY

    There was no austerity in the second quarter, according to just-released GDP data. Consumption of public administrations was supposed to contract, and instead expanded. Growth was supposed to be fueled more by capital formation than household consumption, and the opposite happened. The Presidential announcement of Tuesday evening reveals that th...