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Thursday, December 25, 2008

Ecuador Financial System Solvent

Quito, Dec 19 (Prensa Latina) Ecuador has a solvent financial system, and it is necessary to act positively to face any problem derived from the world financial crisis, Bank superintendent Gloria Sabando stated on Friday.

The private bank sector must make efforts to orient credit towards production activities rather than consumption, and the Production Ministry should encourage actions to allocate national products on the different markets, Sabando highlighted.

She also said the governmental economic front met yesterday and analyzed the measures to be implemented in the face of the intensified world financial crisis, which will affect Latin American countries and other regions of the world.

The capitalization of profits allows banks have greater framework of actions with clients, and reflects a much more solvent system, she noted.

Similarly, low and stable interest rates until June 2009 will favor the financial sector and clients, Sabando told a local TV channel.

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