Brief: Ecuador cenbank reveals cost of bringing in dollars

Friday, November 10, 2017

Importing and distributing dollars costs Ecuador US$12mn a year, the central bank's manager, Verónica Artola Jaramillo, said.

"Ecuador is among the countries with the strongest affinity to physical currency," Artola said during a debate on the government's so-called economic reactivation bill, citing cultural factors.

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Authorities have complained about the costs associated with meeting demand for notes and coins and are working to increase digital payments.