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Ecuador Foreign Reserves Rose 20% Last Week to $4.36 Billion

May 21 (Bloomberg) -- Ecuador’s foreign reserves climbed 20 percent last week to a six-month high as government deposits at the central bank soared.

International reserves rose to $4.36 billion, the highest since Oct. 31, the central bank said in a statement on its website today. Treasury deposits jumped $709 million, or 46 percent, last week to $2.24 billion, the highest since 2008.

The government booked $500 million in oil revenue in the week ending May 18 and received about $200 million from taxpayers, swelling deposits, said a central bank official who asked not to be identified because she isn’t authorized to speak publicly. Ecuador is the Organization of Petroleum Exporting Countries’ smallest member.

The central bank’s press office didn’t immediately respond to a telephone message seeking comment.

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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