Despite steady GDP expansion, averaging a robust 5% annually in 2014-18, policy orientation towards the financial services sector under the government of the radical left-wing president, Rafael Correa, will remain unfavourable. This will limit growth in financial services in Ecuador. This will be the case despite the fact that global financial conditions are set to improve.
Following Mr Correa's resounding victory in the February 2013 presidential election, The Economist Intelligence Units expects government policy towards the financial services sector to remain hostile. As well as capping interest rates, the Correa administration has abolished fees for services such as issuing credit cards and using cashpoints. An anti-trust law, passed in late 2011, forced banks to spin off their non-core operations, such as brokerages.

Financial services report 2

Banks 3

Insurers 7

Asset managers 9

Financial markets and instruments 10

Financial regulation 12

Monetary and currency policy 14

Ecuador at a glance 15

Fundamental indicators 16

Key contacts 17

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