Daily coverage from across the country, written for the expat community
Results for “deposits”Clear
Banco Pichincha went from $42M to $88M in profits. Banco del Pacífico: $46M to $84M. The president posted the numbers on X and questioned who benefits from the crisis narrative.
The Superintendencia de Bancos just published a list of 14 unlicensed organizations illegally collecting money from the public. They promise high returns in short timeframes. Last year alone, 60 similar entities were detected.
The Cangrejos project, ranked 13th among the world's largest undeveloped gold deposits, gets a 26-year exploitation contract. Chinese-backed Odin Mining will invest $1.6 billion and generate 1,168 jobs. The government expects $6 billion in total revenue.
SEPS data shows 12 Ecuadorian credit cooperatives were liquidated in 2025, with two more in process in early 2026 (Incoop in Ambato, Cariamanga in Loja). The sector still serves 7.6 million users, but the expat habit of parking USD in a cooperativa deserves a second look.
President Noboa presented Q1 2026 economic results in a national broadcast. Sales hit $63.2 billion (vs $57.7B Q1 2025). Country risk dropped from 1,908 bps a year ago to 416 today. Public investment jumped from $42M to $533M YoY. Here's what the government is claiming and what to actually take from it.
Ecuador's National Assembly passed a new mining and energy law 77-70 on February 26, replacing environmental licenses with simplified authorizations and allowing rock extraction in the Galapagos Islands. CONAIE and environmental groups are protesting the changes as a rollback of decades of conservation policy.
The European Commission concluded negotiations on a Sustainable Investment Facilitation Agreement (SIFA) with Ecuador -- the EU's first such deal with any Latin American country. The agreement focuses on streamlining investment authorizations, improving transparency, and includes a first-of-its-kind annex on sustainable energy and raw materials.
The UAE and Ecuador signed a Comprehensive Economic Partnership Agreement (CEPA) during the Crown Prince of Abu Dhabi's visit, unlocking over $3 billion in investment across clean energy, digital infrastructure, mining, logistics, and agriculture. Ecuador becomes the fourth Latin American country with a UAE trade deal.
Ecuador and the United States signed a bilateral trade agreement on March 18 granting tariff-free access for 53% of Ecuador's non-oil exports, worth $2.786 billion. The deal covers 1,673 tariff subheadings including bananas, shrimp, cocoa, coffee, and flowers.
At a 54-nation Critical Minerals Ministerial in Washington, the US formally recognized Ecuador's rare earth elements, copper, and gold deposits as strategically important — unlocking up to $10 billion in EXIM Bank financing and DFC investment guarantees for mining development.
Canadian mining giant Lundin Gold announced a $100 million exploration budget for 2026, targeting 133,000 meters of drilling across its concessions in Zamora Chinchipe province. The investment aims to extend the life of its flagship Fruta del Norte gold mine as gold prices surge toward record highs.
Ecuador's tax authority is sending notifications to taxpayers with unfiled income tax declarations from previous years — some going back to 2019. Recipients have just 10 business days to respond, and the SRI's seven-year review window means old oversights can surface without warning.
