BCE 2025 Rendición: International Reserves Close at $9.795B, Cover 100% of Financial System Deposits

The Headline Figures

Per El Universo, acting BCE General Manager Jorge Ponce presented the 2025 rendición de cuentas (source):

Metric	2025	Δ YoY
International reserves	$9.795 billion	+$2.896B
Interbank payment system transactions	$194.287B	+11.67% ($173.981B in 2024)

Deposit Coverage Structure

BCE Balance System	Coverage	Size
First system	100%	$5,307.1M (financial system, BanEcuador, fractional currency)
Second system	100%	$959.1M (CFN, Biess, Cosede)
Third system	57%	$6,190.5M (non-financial public sector deposits, external debt, payments transfers)

Significance

• The $9.795B reserve level is characterized in the reporting as "uno de los más altos desde el inicio de la dolarización" — one of the highest since Ecuador adopted the U.S. dollar in 2000.
• 100% coverage of first- and second-system deposits is the core technical requirement of a dollarized economy; sub-100% coverage historically correlates with banking stress episodes.
• 57% coverage of the third system is a structural funding gap — external debt service and non-financial public sector obligations remain partially uncovered by primary reserves, requiring rollover capacity in credit markets.
• 11.67% YoY growth in interbank payment volume signals underlying financial system expansion outpacing GDP growth; part of this is payments digitization, part is nominal economic activity.

What to Watch

• 2026 reserve trajectory — oil price (Ecuador's largest FX earner), IMF disbursement cadence (last tranche $400M noted in April), and country risk spreads (at 409 points, a 14-year low) all feed reserve accumulation.
• Third-system coverage ratio — whether the 57% figure improves materially in 2026 reporting signals improved fiscal room and lower rollover risk on external debt.
• Sovereign credit rating actions — the reserve trajectory supports rating upgrade narratives; watch Fitch, Moody's, and S&P for 2026 review actions.
• Deposit insurance adequacy — Cosede's coverage capacity and the size of BanEcuador's balance sheet feed bank resolution risk assessments.
• Banking sector deposit growth — ASOBANCA monthly deposit figures should be cross-referenced against BCE reserve accumulation to track the deposit-to-reserve coverage ratio.

Source: El Universo, Banco Central del Ecuador