By Reuters Staff
(Updates with rally in Ecuadorean bonds)
QUITO, April 23 (Reuters) - Ecuador’s National Assembly approved a law late on Thursday granting autonomy to its central bank, a move celebrated by President Lenin Moreno’s government on Friday as a step toward economic stability.
Moreno’s market-friendly administration had pushed the reform as a way to prevent future governments from draining the bank’s reserves to finance public spending, a practice his allies allege was common during leftist former President Rafael Correa’s administration.
Economy Minister Mauricio Pozo said the measure would help protect Ecuador’s dollarized economic model.