In a significant development for Ecuador's financial sector, the country's central bank governor, Guillermo Avellán, has announced his resignation. He is stepping down more than a year before his official term was set to conclude.
An Unexpected Departure
Guillermo Avellán, the 39-year-old economist leading Ecuador's central bank, declared his resignation on Tuesday. He stated his decision was driven by a desire to seek new professional opportunities. Avellán, known for his close ties to former President Guillermo Lasso, made the announcement via a social media post.
"After four and a half years at the central bank, the time has come to take on new professional challenges with the same commitment and responsibility," Avellán wrote. The central bank formally accepted his resignation on November 27, confirming the move in an official statement released several hours later.
Shortened Term and Institutional Context
Avellán's departure is notable as he leaves with approximately 1.5 years remaining in his six-year term. This term structure was established in 2021 when Ecuador, under President Lasso and with backing from the International Monetary Fund (IMF), restored the central bank's independence.
The bank's statement praised Avellán's tenure, noting he "distinguished himself through his leadership in initiatives aimed at strengthening the institutional framework." His recent work included unveiling a new monthly economic activity indicator on November 20.
Interim Successor and New Regulatory Body
The central bank has named Juan Ponce as the interim governor. Ponce is a career central banker who has been with the institution since 1988. His interim leadership will continue until a permanent successor is chosen by the newly formed Financial and Monetary Regulation Board.
This regulatory body was created under a new law that merged two previous boards into a single entity. Its members were sworn in last September. The board now holds the responsibility for selecting the next permanent central bank chief.
Ecuador's central bank operates within unique constraints. Since the country adopted the US dollar in 2000 amid a severe financial crisis, its primary roles are limited to issuing coins of less than 50 cents, ensuring payment systems function, and publishing key macroeconomic data.
