Ecuador reallocating reserves and investing in technology – Avellán
General manager highlights effort to cut gold holdings and launch new financial infrastructure
The Central Bank of Ecuador has sold a portion of its gold holdings and is investing in new technology as it looks to upgrade its reserve management capabilities.
Guillermo Avellán, the bank’s general manager, told the Central Banking Autumn Meetings that it had sold 241,000 troy ounces of monetary gold for $494 million. It had invested the proceeds in “safe and liquid” dollar assets, he said.
The Central Bank of Ecuador has large gold holdings in part because it purchases gold directly from small
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