This action might not be possible to undo. Are you sure you want to continue?
International Banking Prepared for: Marcos A. Kerbel Participating Adjunct Professor Department of Finance & Real Estate Florida International University Miami, Florida Prepared by: Edwin A. Riofrio ID: 2672864 (954) 274-3998 Riofrio.firstname.lastname@example.org Date of Report 07/ 26/ 2012
TABLE OF CONTENTS I. II. III. GEOGRAPHY HISTORY OF ECUADOR ECUADOR’S FINANCIAL SYSTEM PG. 2 PG. 3 PG. 4-9 PG. 4-5 PG. 6 PG. 6-8 PG. 6-8 PG. 9 PG. 10-12 PG. 10 PG. 11 PG. 11 PG. 12 PG. 12-13 PG. 12 PG. 12 PG. 13 PG. 13 PG. 14-15 PG. 15-16 PG. 16-17 PG. 17-18 PG. 17-18 PG. 18 PG. 19 PG. 19 PG. 19
A. HISTORICAL OVERVIEW B. PRESENT MONETARY & LAW REGULATIONS C. TYPES OF FINANCIAL INSTITUTIONS D. THE CENTRAL BANK E. BANK REGULATION IV. BANKS OPERATING IN THE COUNTRY
A. COMMERCIAL BANKS B. MORTGAGE & SAVINGS BANKS C. MUTUALISTIC BANKS D. OTHER FINANCIAL INSTITUTIONS V. SOURCE OF INCOME A. REMITTANCES OF MIGRANTS B. EXPORTS C. IMPORTS VI. FOREIGN RESERVES
VII. ECUADOR’S CURRENCY VIII. RISKS IX. X. MONEY LAUDENRING BANK FAILURES AND FINANCIAL SCANDALS A. BANK CRISIS B. NOTARY JOSE CABRERA SCANDAL XI. SUMMARY & CONCLUSIONS
XII. FUTURE OUTLOOK OF FINANCIAL SYSTEM XIII. APPROVAL LETTER OF CREDIT FOR BANKS
. and Riobamba. and the Pacific Ocean to the west. which divides the country in half. is a flat and fertile area of low altitude.The Financial and Banking System of: Republic of Ecuador I.500 ft of elevation. which is the main financial city of the country and some major cities like: Quevedo and Salinas. Colombia to the north. 088. It lies at a distance of approximately 600 miles of the country. Loja. Sucumbíos. On the Andes. We distinguish Ecuador’s four main areas as the following: The Coast: Is located on the Westside of the country.80 square miles. also it has several volcanoes that are still active like the Tungurahua. and Pastaza. Geography: Ecuador's location is in the northwest of South America and is on the Equatorial line. This area has the largest cities in Ecuador: Guayaquil. The Amazon: Is located to the east of Ecuador and is part of the Amazon rainforest. It also has the Galapagos archipelago located west of the country. It consists of 17 large islands. Its main provinces are Napo. This region is on high altitude with some peaks measuring above 19. 23 islets. The country is surrounded on the south by Peru. and a hundred small islands. The Galápagos Islands: It is another province of Ecuador. some of the major Ecuadorian cities are: the capital Quito. The Andes: Corresponds to the Ecuadorian Andes. The entire archipelago has a total of 3.
See footnote 1 for more information.Figure 1: Map of Ecuador II. San Gregorio de Portoviejo. . Independence. They started a new Spanish political-administrative era that would last until the time of independence when the nation emerged from the Gran Colombia of Simon Bolivar. San Francisco de Quito. The history of the Republic can be divided into four stages: The Pre-Hispanic Stage. forming what is now called the Republic of Ecuador. The Hispanic Stage. after the Spanish Conquest. History of the Country The territories that today belong to the Republic of Ecuador changed in physical appearances and forms of government. The beginning of Ecuadorian history is given from Pre-Hispanic organizations that ended with the Inca invasion. and Santiago de Guayaquil. and the Republic. which then was followed by the foundations of the cities.
The Bank Crisis resulted in the bankruptcy of several of the largest banks in Guayaquil like Banco del Progreso. and it especially got established in the city of Guayaquil. and Filanbanco. This institution had no support and was eliminated. There is also the monetary system used by the Spanish in the country. the Ecuadorian banking was growing as well. once the dissolution of Gran Colombia and its formation as a Republic. posed an economy that had a deficiency with monetary circulation. the Commercial and . Central Bank documents mentioned in the first place. This period ended with the Revolution of Juliana. To replace the function of the Casa de la Moneda. in which gold and silver coins were the most used. under the administration of President Jamil Mahuad Witt. In 1998. These banks managed and coordinated the entire operation of the financial system of the country. which created the Casa de la Moneda. After the Liberal Revolution. Ecuador’s Financial System a. Issuing Banks were created. the issue of the first Coin Act in November 1831. it came a period called the "Banking Plutocracy” which was characterized by being dominated by private banks and the main representative of these was the Commercial and Agricultural Bank of Guayaquil. the last one being the most influential in the country at that time. the financial sector endured its worst financial crisis in the history of the country. In 1884.III. it was founded in 1859 in Guayaquil. with the growth of the nation. Historical Overview The banking system in Ecuador. The first was the Bank of Luzárraga. The origin of modern Ecuadorian banking system dates back several centuries. Gradually. which were the first steps in economic and financial matters of the early Republican era. One of the first records was the "hachas monedas” from Miracle City in Quevedo and other expressions of developing trade in various pre-Columbian cultures. La Previsora.
some of these banks were: Banco Particular de Descuento y Circulación – 1861. the National Bank and Mortgage Credit . financial institutions. the Ecuadorian Central Bank Board.1869. In 1900 the only Issuing Banks were Bank of Ecuador and the Commercial and Agricultural Bank. and lastly Banco International y el Anglo-Ecuatoriano . which required the creation of the Superintendence of Banks. credit unions. which was responsible for issuing coins. several banks were established. Present Monetary Laws and Regulations The Ecuadorian financial system is based on the regimen known as "Central banking".Agricultural Bank was founded. financial services. b. where it has an autonomous regulator. and corporations for investment and development are mainly characterized by being intermediaries in the financial market. and the National Bank of Ecuador. which usually operates by capturing . In 1871 the first Banking Act by the National Convention of Ambato was created. In Quito. to monitor and control the banking system. The Central Bank was founded in Quito on August 10. financial companies. bringing fiscal problems. Between 1920 and 1925. Bank of Ecuador . which forced the government’s intervention with these Issuing Banks. was created in Cuenca as Issuing Banks. another autonomous entity for supervision and control is the Superintendence of Banks. In 1859 y1884 several issuing banks were created.1884. See footnote 2 for more information. At last. In Guayaquil. Banks. Banco de Quito – 1869 and Banco de La Unión – 1880 were established. From 1900 to 1913. etc. the Bank of Ecuador and the Bank of Commercial and Agriculture had control of credit and working capital. a large bank of the banks like the Ecuadorian Central Bank. Ecuador was experiencing serious economic problems. and various public and private financial institutions: banks. In 1906 Banco del Pichincha was established and in 1913 in the Bank of Azuay. mutualist.1871. 1927.
is a representation of all financial institutions (banks. in whole or in part for credit and investment procedures. c. See footnote 3 for more information. finance companies. Structure of the Financial System Monetary Authorities o Central Bank of Ecuador o Ecuadorian Bank Superintendence o The Banking Board Public Financial Institutions o National Financial Corporation o Ecuadorian Housing Bank o National Development Bank o State Bank o Ecuadorian Institute of Student Loans and Scholarships Private Financial Institutions o Private Banks o Financial Transactions Society o Mutual Savings Associations and Credit Unions for Housing o Savings and Credit Cooperatives. that acts as financial intermediaries with the public. with the solely objective of using the resources obtained. Types of Financial Institutions operating in the country It can be said that the domestic financial system.public resources to obtain funds through deposits or any other forms of solicitations. Financial Service Institutions o General Deposit Warehouses o Commercial Lease Companies o Credit Card Companies o Exchange Houses . mutual savings associations for housing credit and credit unions) that perform financial intermediation with the public.
with its own assets.Notes & Coins Provide credits to private financial institutions in special cases. The Central Bank It is a legal entity under public law. . Its main functions are: Issuing ways of payment. financial. of indefinite duration. credit and the currency of the country. Having bank reserves and controls the surplus of the country.o Warranty and Anti-Warranty Corporations o Title Companies Auxiliary Service Institutions for the Financial System o Transportation of Currency and Securities o Collection Services o Automatic Teller Machines (ATM) Functional & Institutional Structure of the Financial System Ecuadorian Financial System Central Bank Board Ecuadorian Central Bank Banking Board Bank's Superintendency Banks Mutualistics Cooperatives Financial Institutions Financial Services Agencies Figure 2: Structure of Financial System d. It is also autonomous and executor of monetary policy. dictated by the Monetary Board.
Approval of the maximum amount of annual growth of means of payment.Make open market operations. See footnote 4 for more information. gold and securities of public or private sector.buy/sell currencies. as well as the method of charging fees. financial. credit and the currency of the country. and demonetization. e. Authorization of credit to private banks and other lending institutions of the financial system for short term and only for temporary liquidity or national emergency reasons. issue. complemented in the Monetary and Financial Committee. Determination of the interest rates for lending and borrowing operations of the institutions of the financial system. Facilitate the exchange of checks from different banks through the mechanism of the Clearing House. Setting the conditions under which the Central Bank may participate in open market operations. The board directs the monetary policy. The BCE Board issues regulations for the system. Determination of the maximum levels of expansion of certain loans or securities that can issue by the financial system institutions. Determination of the bank reserve percentages of institutions that are subject to supervision by the Superintendence of Banks. which deal basically on: Approval of the features of banknotes and coins of the Republic. extraction. Determination of the currency liquidation procedure entering or departing to or from the country. exchange. circulation. and its manufacturing process. as the Secretary of the State or Ministry. Bank Regulation The Banking Board is a self-directed organism created under the Act of Monetary Regime and is considered in practice. .
Banco del Pacifico 4. Banco de Machala 10. Banco Comercial de Manabí 21. OSCUS 7. 2. Banco Litoral 24. Banco del Austro 8. Banco Solidiario Figure 3: National Banks operating in the country. Banco Finca 22. JARDIN AZUAYO 3. MUSHUC RUNA 10. Banco ProCredit 12. Commercial Banks operating in the country .Determination. DelBank S. 2011. COMERCIO 30. CONSTRUCCION COMERCIO LTDA. Banco Capital 19. Banco Bolivariano 6. Banco de Loja 15. RIOBAMBA 8. Banco Unibanco 13. CACPE LOJA 28. Banco ProAmerica 9. Banco del Pichincha 2. Banco Sudamericano 1. SAN JOSE 24. 29 DE OCTUBRE 4.Please refer to the Appendix for more Financial Information from the Top Ten Banks Commercial Banks 14. f. Banco Produbanco 5.prior judgment of the respective Ministries and in consideration of the balance of payments. PROGRESO 5. Savings & Mortgage Banks Savings and Credit Cooperatives 1. JUVENTUD ECUATORIANA PROGRESISTA 21. CACPECO 22. Banco General Ruminahui 11. TULCAN 23. Banco de Guayaquil 3. CACPE PASTAZA 26. CACPE BIBLIAN 2. Banco International 7. Banco Amazonas 17. 27. Banco D-Miro 23. SAN FRANCISCO 9. COOP DE 2DO PISO FINANCOOP 25. MEGO 6. *This ranking was determined by the amount of Actives the banks had as of December 31.A 25.of goods that are prohibited or restricted for import or export. PADRE JULIAN LORENTE 29. Banco Cofiec 20. Banco Territorial 18. CHONE . Banco Coopnacional 16.
11 DE JUNIO 33. COTOCOLLAO 35. Azuay 3. COOPAD 39. Pichincha 2. ANDALUCIA 12. EL SAGRARIO 13. SAN PEDRO DE TABOADA 36. ATUNTAQUI 18. Fidasa 7. GUARANDA 32. 2011. 3.11. CAMARA DE COMERCIO DE AMBATO 19. ConsulCredito 6. 15 DE ABRIL 14. SANTA ANA *This ranking was determined by the amount of Actives the banks had as of December 31. CALCETA 37. CODESARROLLO 15. 31. Imbabura 4. Mutualist Mutualist 1. PABLO MUÑOZ VEGA Figure 4: Savings and Credit operating in the country. Ambato Figure 5: Mutualist banks operating in the country. Unifinsa 3. VazCorp 4. SAN FRANCISCO DE ASIS 34. 2011. LA DOLOROSA 38. 4. LeasingCorp 5. Diners 2. ALIANZA DEL VALLE 16. Global . 23 DE JULIO 17. SANTA ROSA 20. *This ranking was determined by the amount of Actives the banks had as of December 31. 9 DE OCTUBRE 40. Other Financial firms Financial Organizations 1.
2011. .1 billion dollars. InterAmericana 10.9 billion dollars) compared to the last quarter in 2010 that indicated $ 8. Firesa Figure 6: Financial Organizations operating in the country. Imports.1 billion dollars) compared to the last quarter in 2010 that indicated $ 8. imports are rising 5% on average per year. the total amount of remittances decreased by 39% compared to 2008 ($ 2. Country’s Balance of Payment and Balance of Trade. IV. Remittance of Migrants The last quarter of 2011. On the other hand.8 billion dollars) Exports The last quarter of 2011.8 billion dollars. Imports The last quarter of 2011. investments. the country showed improvement at the end of 2011.Principal Sources of Exports.8. This rise in imports can be considered as a growth in consumer spending.2 billion dollars) compared to the last quarter in 2010 that had indicated $ 1. and funds transfers. Total Exports showed an increase of 26% ($ 11. etc. *This ranking was determined by the amount of Actives the banks had as of December 31. Proinco 9.9 billion dollars. While exports decreased 3% in annual average during the years of 2008 to 2010. Migrant remittances showed an increase of 10% ($ 1. Total Imports showed an increase of 22% ($ 10. As a result of international crisis in Europe and the United States.
Foreign Reserves The Foreign Reserve in Ecuador is known as the “Reserva Internacional de Libre Disponibilidad” (RILD). liquidity. which means that the balance for the month of July will have a value of 3. and profitability in the most prestigious institutions in the world.9 million in foreign reserve.930.2M Financial System Deposits USD 14.83 millions. Figure 7: Foreign Reserves in US million dollars The main income for June 2012 was: Petroleum Exports USD 1.3M Private Exports USD 4.5M . The following are statistics for the second quarter of 2012: In June 2012.146.9M Disbursements of external debt USD 31.V. These funds are used daily by these entities to meet their liquidity needs and pay their obligations.3M Domestic Debt Issuance USD 156. international reserves increased by 12. it consists of deposits that all public sector entities and institutions of the financial system make in the Central Bank. The reserve is invested under safety standards.
Current Situation of the country's currency In January 2000. . and accounting systems. macroeconomic stability.VI. There is free movement of capital. many people began to speculate and raised the prices of products and services. This alternative did not only involve a modification of the exchange rate system. the unstable economy demanded a complete different strategy focusing in restoring the country’s financial crisis. Loss of national entity due to the use of a foreign currency. the impact on the fall in oil prices and El Nino Phenomenon were essential factors for the deterioration of the economy. Provides stability for long-term investments. Ecuador decided to opt for official dollarization to overcome the economic crisis its economy had developed. Lack of control on monetary policy. Certainly. foreign trade became more effective. but also the main pillars in the economy: change in the monetary system. Stabilized the economy as a result of lower inflation and interest rates. Disadvantages: The Central Bank loses its role as regulator of the currency to make way for the Federal Reserve of the United States. especially in the handling of it by the Central Bank. These events exposed the weaknesses in the financial system and aggravated the fiscal deficit. Transition costs in business: bank accounts. During those years. Being a single currency like the dollar. The following are some of the advantages and disadvantages the country had with dollarization: Advantages: Returns the confidence of investment towards the country's economic system. and the implementing of structural reforms. When converted Sucre to dollars. cash registers. Various alternatives were discussed and the government officials voted for the dollarization process.
which generate the possibility that a bank cannot meet its obligations at a given market. The following are the risks the country faces: Liquidity risk is the potential loss by failing to conduct a transaction at market prices. Risk those banks in the selected country face. according to the Superintendence of Banks and Insurance of Ecuador. Criminal Risk. Political. Detecting and Eradicating Money Laundering and Terrorist Financing? The government has created an agency called Unidad de Analisis Financiero (UAF). . But risks can be reduced or managed. In my opinion this is the most significant risk the country faces. which involves nonpayment. Financial risk is the uncertainty associated with volatility. What is the Country doing about Preventing. we can take actions to prevent those risks. Credit risk. they enforce the laws against money laundering. It is the possibility of loss due to payment default by the borrower. Risk is the probability that a threat becomes a disaster. Crime. the lack of security is a major factor for criminals to do whatever they want. partial payment or lack of opportunity in the payment of the obligations agreed. and if we are aware of our weaknesses and vulnerabilities to threats. Anybody can be killed or robbed for a pair of shoes. which means The Financial Analysis Unit. both the performance of credit and liquidity. Market risk is caused by changes in general market conditions compared the investment. See footnote 5 for more information. the whole country is at a constant menace because of thieves. Regulatory. It doesn’t allow consumer spending and confidence to grow.000. and has made it mandatory for financial institutions to report unusual and unjustified transactions above $10.such Currency. etc. due to low frequency of market trading.VII. If we are careful in our relationship with the environment. VIII.
the Financial Action Task force (FATF). This agency has qualified Ecuador’s anti money laundering strategies as deficient.000 Sucres. See Footnote 6 for more information.uaf. documents and proxies 1 Relationship with delinquents 2 Links to illegal assets 1 Exports of overvalued goods 2 Lender without accounting 1 Gold Sale 1 TOTAL ROII 20 Figure 8: Transactions Reports and Unusual-Unjustified Transactions ** This statistics are as of May 2012 Source: https://www. At that time the dollar was 10. former President Jamil Mahuad declared a "banking holiday.” this decree ordered the freezing of bank accounts.Ecuador’s government has partnered with an international organization. The country has been seeking more effective ways to improve its standards and procedures against money laundering and terrorist financing. . ROII Misuse of banking products 1 Misuse of legitimate business 0 Exploitation of Jurisdictional Issues 0 Cover-up from Commercial Structures 11 Use of false identities. and propagation of weapons of mass destruction. however. Quito Stock of Exchange and Corporacion Andina de Fomento has issued manuals to all the financial institutions to help them develop controls towards criminal activities. Transaction Reports and Unusual-Unjustified Transactions ROLLs ** Type of Actions No. the FATF recognized that the nation has had the will to stop this menace. terrorist financing. whose purpose is the improvement and promotion of national and international policies to combat money laundering. Important Bank Failures and Scandals in the Country The worst financial crisis experienced by Ecuador in the last 70 years occurred in 1999 when in March 8. however.php/reportes-fiscalia IX.gob.ec/index.
and Filanbanco. He also implemented the "Ponzi Scheme" investment. This financial carousel revealed astounding facts such as: money laundering from drug trafficking and arms trafficking. but also business failures and mass emigration of Ecuadorians. Cabrera came to handle up to 800 million dollars from thousands of savers. 2005 caused despair among his customers. bankers. Tungurahua. Administration of Justice representatives. many of whom lived comfortably only on the interest they received. To conclude. Ecuador’s . including Senior Government executives. and the military became his associates. X. which allowed using the same amount of resources to increase the capital of a financial institution. the economy and the banking system have been recovering gradually. Due to this scandal. the military. The 1999 economic crisis not only caused the collapse of banks and other financial institutions. Summary and Conclusion: In general. It is estimated that about 35.000 Sucres to the dollar. mainly to Spain. police agents. Banco Continental. including judges. and the Police Department. Notary Jose Cabrera Roman began to collect money in exchange of high interest rates returns. Solbanco.000 people. See footnote 7 for more information. His death on October 26. and the United States. See footnote 8 for more information. not just once but several times. the first banks to fall were Banco de los Andes. His scam lasted for at least 13 years. Given the economic stability provided by the dollarization since 2000. Italy. politicians. Banco Mercantil Unido. it can be said that the evolution of Ecuador’s financial system has been relatively favorable.the return on savings and deposits were made at 25.
wider dissemination of financial information. industrial. The new implementation of policies and procedures in the financial sector can be a big help for the system to improve. Ecuador has the advantage of having the dollar as their currency and they will have to use it if they want to become a major economy in Latin America. mining. and more solid macroeconomic policies in order for the improvement of the country’s financial system. and cement sectors have a significant growth. . XI. XII. What is the Future Outlook for this Country and its Financial System? The Ecuadorian financial sector has gone through many crises and gradually they have recovered. Some countries like Iran has given Ecuador a 40 million line of credit and they are considering an increase to 80 million in the next year if the political. Would you Approve Lines of Credit for Banks in this Country? Yes I would. The promotion of domestic consumption and the campaigns for a modernized Ecuador is the future of this country. petroleum.economic and financial systems will require more financial regulation and more supervision of high quality. during the past two years Ecuador has been receiving credit lines from different countries and organizations. This will allow foreign investment to grow and consequently improve Ecuador’s economy. banking.
30% International Monetary Fund.261 18.70% 29.98% -0.21% 4.45% 29.02% 28.30% 0.90% -1.466 134.98% -0.928 27.148 -0.74% 0. constant prices General government revenue General government net lending/borrowing General government gross debt Current account balance Scale Billions Billions Billions Billions Billions 2011 26.22% 2012 5.79% 40.724 -1.975 29. ECUADOR’S ECONOMIC INDICATORS AS OF APRIL 2012: Subject Descriptor Gross domestic product.80% 28.69% 8. World Economic Outlook Database.594.675 11.509.186 % 7.933 -0.426 1.APPENDIX I.367 0. April 2012 .51% Subject Descriptor Gross domestic product corresponding to fiscal year.127 % 4.02% 17.00% 29.805 1.83 Subject Descriptor Unemployment rate Total investment Gross national savings Volume of Imports of goods and services Volume of Exports of goods and services Units % of total labor force Percent of GDP Percent of GDP Percent change Percent change 2011 6. average consumer prices Scale Billions Billions 2011 66.00% 13. current prices Gross domestic product based on (PPP) Inflation.381 127.00 2012 72.17% 8.28% 2012 28.
II. FINANCIAL INFORMATION FROM THE TOP TEN BANKS IN ECUADOR: A. LIQUIDITY INDEX- . NET INCOME- B.
C. CREDIT OPERATIONS- . INVESTMENTS- D.
E. CAPITAL ASSETS- . NON-PERFORMING LOANS (NPL) F.
As of March 31.G. 2012 . FINANCIAL PROFITABILITY- Banco de Guayaquil. First Quarter Financial Report-Including other Banks.
Notary Cabrera Scandalhttp://www. History of the Financial systemhttp://www.sbs.ec/noticias-ecuador/caso-cabrera-30-mil-clientes-perjudicados300376.com/ecuador/economy_profile.com.html IV.indexmundi. Risks Banks facehttp://www.html VI.ec/practg/sbs_index?vp_art_id=55&vp_tip=2 V. Money Laundering Preventionhttp://www.html .imf.org/wiki/Historia_del_Ecuador II.bloomberg.hoy. Ecuador’s Financial Crisishttp://www. History of the Countryhttp://es.FOOTNOTES I.pdf III.org/filelegacydocs/erq306_quispe.pdf VIII.org/external/pubs/ft/wp/2004/wp0412.fatf-gafi. Monetary and Law Regulationshttp://www.gob. Banks Regulationhttp://www.org/countries/d-i/ecuador/ VII.frbatlanta.com/news/2012-05-10/ecuador-mortgage-law-raises-risks-forbanks-robalino-says-1-.wikipedia.
Print.. N.fin.d.pdf>.d. "Instituciones Financieras. Web. "Banco Central del Ecuador. 7..bce.ec/medios/PORTALDOCS/downloads/normativa/Reglamento% 20Ley%20de%20Inst. N.ec/contenido.pdf >.fin.com/geografia-regional/america/geografia-ecuadorgeneralidades 5.ec/contenido.. <12.. 21 July 2012.p. N.. n. N.d.. http://geografia. 1 July 2012. N. Print .y=8&c=248&s=NGDP_ R%2CNGDP_RPCH%2CPPPGDP%2CNID_NGDP%2CNGSD_NGDP%2CPCPI%2CTM _RPCH%2CTX_RPCH%2CLUR%2CGGR%2CGGR_NGDP%2CGGXCNL>. istoria general de la Rep blica del Ecuador.. <http://www. 1 July 2012. n.." Banco Central del Ecuador. 10. Carmona.d. Financial Reports as of April.d. "Ekos Negocios.BIBLIOGRAPHY 1. Web.pdf>. 2. 18901903.aspx?sy=2011&ey=2 012&scsm=1&ssd=1&sort=country&ds=.p. 3. 10 July 2012.d. n.. Web. http://www.d.pdf>. <http://www.bce. 15 July 2012.gov.php? CNT=ARB0000005>. Web. n." Geografia en la Guia. <ekosnegocios. N. 6 July 2012.aspx? idArt=364>.com/negocios/verArticuloContenido. 13." IMF -. "Financial Reports for 2012 First Quarter. ed. N.laguia2000.org/external/pubs/ft/weo/2012/01/weodata/weorept. 21 July 2012.<www.p. 24 June 2012. n.x=25&pr1. Web. n. n." Banco Central del Ecuador.p. 9. 6. N.p.d.org/wiki/Historia_del_Ecuador>. Quito: Banco Central del Ecuador.bce.p.fin.p. Web. <www. n. 11.com/carpetaarchivo/archivoscarpetas/607. 4. "Ecuadorian History. Web.%20Financieras. N. N." Wikipedia. "Geografía de Ecuador. 8. Quito: Imprenta del clero. Ensayo hist rico de la econom a ecuatoriana.International Monetary Fund Home Page. Federico.fin.d.php? CNT=ARB0000002>." Estadisticas Financieras.p.bce. 1995. "Banco Central del Ecuador. Santiago. 25 June 2012.php? CNT=ARB0000006>.. 2012." Banco del Pichincha. Web. N.p. Web.com/bg/templates/downloads/informes_accionistas/informes_en_li nea/1trimestre2012.bancoguayaquil... Suarez.p. <http://www. <http://www. n. Jos . n." Super Intendencia de Bancos del Ecuador. 20 July 2012. n. Web.d.pichincha. 12.wikipedia.d. "Report for Selected Countries and Subjects. <http://es.p.imf. "Ley de Regimen Monetario. Web. "Banco Central del Ecuador." Banco de Guayaquil.<www. 2 July 2012.ec/contenido." Banco Central del Ecuador. Cardenas.ec/documentos/ElBancoCentral/leyReformatoriaaLeyRegimenMonetar io. 1.superban.&br=1&pr1." Banco Central del Ecuador.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue reading from where you left off, or restart the preview.