> Posted by Kelley Mesa
Check out the latest country profile detailing the status of consumer protection in Ecuador.
Here’s the executive summary…
Ecuador’s current economic outlook is similar to that of many commodity-exporting Latin American countries, with moderate growth forecasted for 2009. The country’s exports consist mostly of hydrocarbons and agricultural products. Since the country is dollarized, and therefore dependent on United States monetary policy, it will probably not be able to withstand international shocks as well as its non-dollarized neighbors. Microfinance in Ecuador continues to experience growth and relative stability in large part because of support from the government, international donors and aid agencies. Clear laws specifying client rights and responsibilities support the status of client protection in Ecuador.
- The general consumer protection law in Ecuador includes provisions on transparency, mechanisms for redress of grievances, appropriate collections practices and privacy of client information.
- The SALTO project demonstrates the importance of the microenterprise sector in Ecuador and shows commitment by the Banking Superintendent to address the current regulatory setbacks facing the industry.
- The Inter-American Development Bank and the Banking Superintendent have identified the need to focus efforts on strengthening consumer protection and building a financial culture.