The Law was approved with 86 votes in favor, 41 against, one empty vote, and five abstentions on Thursday night. The new law will allow financial groups to influence the decisions made by the directive bodies of the Central Bank.
"The government is designing a new financial crisis for our country. Rather than defending the dollarization, the new law would allow dollars to leave the country with no control or regularization," leftist leader Andres Arauz warned.
Some local economists also rejected the law because it eliminates public control of interest rates and fees charged by banks.
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"The law proposes to create a monetary board and a financial board, which will be allowed to make decisions behind the government's back. This is unconstitutional," Country Alliance Party's lawmaker Ana Marin warned.
"We are running a serious risk," lawmaker Hermuy Calle added and assured that the stability of dollarization does not depend on the international monetary reserve but the country's balance of payments.
The approval of this law is one of the commitments that President Lenin Moreno assumed with the International Monetary Fund (IMF) to receive a loan for US$6.5 billion.