Financial system in Ecuador :moneybag:, image , image , image , image…
Financial system in Ecuador :moneybag:
The financial system in Ecuador
Banks take care of the money in exchange for interest.
Currency exchange, capital investments,
payments for collections, money transfers and virtual, etc.
Banks have expanded and became a power of great economic importance.
Constitution of the financial system
Private banks: They are the most powerful.
Public banks: They administer state funds.
Mutualists: Offer loans to build or buy a home.
Cooperatives: Small institutions offer small loans.
The banks moved to Quito.
The most powerful banks are: Pichincha Bank, Guayaquil Bank, Produbanco and Pacific Bank.
Cooperatives are effective both on the coast and in the highlands.
Mutualistic and financial companies have been declining.
Control of the financial system
Between 1999 and 2000 there was a financial crisis in Ecuador and the money was given to private banks.
With the bad case of the Deposit Guarantee Agency (AGD), the Financial Liquidity Fund was created, which is in charge of loans to financial institutions