The Ecuadorean Parliament rejected the bill for the Defense of Dollarization Law on Monday, presented by outgoing president Lenín Moreno, which aimed at privatizing the institution. This as lawmakers confirmed it was unconstitutional for a second time.
Parliament’s Legislative Administration Council (CAL) reported that the project had 14 unconstitutional aspects. The bill presented 84 reforms to the Organic Monetary and Financial Code that would allow a $400 million loan from the International Monetary Fund.
The bill sent by Moreno that sought to privatize the Central Bank has been rejected for being openly unconstitutional.
El proyecto de Ley enviado por Moreno que buscaba privatizar el Banco Central ha sido rechazado por ser abiertamente inconstitucional.
Un triunfo de todo el pueblo ecuatoriano y de los sectores productivos de la Patria, frente a los intereses de unos pocos banqueros.
— Andrés Arauz (@ecuarauz) March 1, 2021
Translation: The bill sent by Moreno that sought to privatize the Central Bank has been rejected for being openly unconstitutional. A triumph of all the Ecuadorean people and the productive sectors of the country, against the interests of a few bankers.
Political activists and leaders, including the front-runner for the April 11 presidential election Andres Arauz have denounced that this privatization attempt seeks to extend Moreno’s economic policies beyond his mandate, during which the Ecuadorean economy sank to unprecedented levels.
Arauz, who was the chief banking officer from 2011 to 2013, branded the parliament’s decision as “a triumph of all the Ecuadorean people and the country’s productive sectors, against the interests of a few bankers.”
#FromTheSouth News Bits | Ecuador's presidential candidate, Andrés Arauz, visited the United States to hold a meeting with Ecuadorian migrants before April's second round of voting. @EbravoteleSUR pic.twitter.com/9afVeG1k7A
— teleSUR English (@telesurenglish) February 17, 2021