Currency of Ecuador – Wikipedia

The article provides a historical compendious of the currency used in Ecuador. The present currency of Ecuador is the United States dollar .

1822–1830 Gran Colombia [edit ]

Peso = 8 Reales (silver)
Onza = 8 Escudos = 16 Pesos (diamonds)

Quito was partially of Gran Colombia until 1830 as Departamento del Sur. Gran Colombia ‘s monetary regulations retained the honest-to-god spanish colonial arrangement, with both milled and hammered mint circulating. Gold and ash grey were minted at Popayán and Bogotá, copper at Caracas. On July 28, 1823, Bolívar authorized a mint at Quito, but about a ten would pass before one opened there. Cobs ( macuquina ) were ordered retire in 1826, but because of the miss of other coin, they continued to provinces only erstwhile spanish colonial mint and macuquina circulated, by and large peruvian .

1830–1850 uruguayan peso [edit ]

1830–1836 State of Ecuador [edit ]

Countermarked coin

[edit ]

The 1832 countermark was intended entirely for coin minted at Bogotá ( Cundinamarca ) between 1815 and 1821. But coins of below-standard daintiness had been minted at Bogotá in 1823–1826, but date 1821, and most were put into circulation in the Quito department during the Gran Colombia time period. Coins of Cundinamarca and Granada, dated 1818–1821, counterstamped ‘MdQ ‘ ( quantities unknown ) :

  • 1/4 real
  • 1/2 real
  • real
  • 2 reales
  • 8 reales

Silver coin [edit ]

Obv. arms of Colombia, rim dedication EL ECUADOR EN COLOMBIA and QUITO below the arms ; revolutions per minute. denomination, rim inscribe EL PODER EN LA CONSTITUCION ; below the year and GJ ( assayer ‘s initials ). A 1-real coin was authorized February 28, 1833. Minting of the medio real began September 30, 1832, before its characteristics had been established, which explains why some have the letter “ M ” ( according to the law ) while others have “ 1/2 ”. ash grey 666 fine dated 1833–1836

  • 1/2 real 16 mm
  • real, 20 mm, 3.00–3.95 g
  • 2 reales, 25 mm

big coin [edit ]

Obv. indian heading with band reading LIBERTAD, the rim inscribe EL ECUADOR EN COLOMBIA, and under the fountainhead QUITO. The mint of 2-escudo pieces began in 1834. Some have their rate expressed as 2-E ( 2 cape verde escudo ), others as 1-D ( 1 doblóon ). amber 875 finely dated 1836–1838

  • escudo, 18 mm, 3.383 g
  • doblón, 22 mm, 6.766 g

1836–1843 Republic of Ecuador [edit ]

history [edit ]

After Ecuador became “ República del Ecuador ” on June 28, 1835, the inscription ( rev. ) “ EL ECUADOR EN COLOMBIA ” was changed to “ REPUBLICA DEL ECUADOR ” ( but the colombian arms were retained ). The mint of 1 and 2 cape verde escudo coins ceased because of an inflow of counterfeits of these coins. In their locate, President Vicente Rocafuerte authorized a media onza ( 4-escudo or doblón de a quatro ). After more mint equipment was obtained from Chile and installed at Quito, the mint of onzas ( 8-escudo pieces ) was authorized ( February 1838 ). A 4-real coin was authorized October 8, 1841, with the like features as the other denominations, but with the add inscription “ moral INDUSTRIA ” around the circumference, making the coin more difficult to counterfeit. Poor quality and forge mint from Colombia and Bolivia entered circulation in Ecuador, and the coins produced by the Quito mint had many flaws, so that currency standards were difficult to maintain. The use of merchant tokens became far-flung. In an attack to end the consumption of tokens, the politics introduced a cuartillo ( 1/4 real ) in 1842. The cuartillo was 333 very well and was called a calé ( the name given in Spain to the 4-maravedí coin and which in Ecuador came to be applied to any small mint of moo value ) .

Silver coin [edit ]

silver 333 all right

  • cuartillo, 16 mm (1842)

silver 666 fine

  • 1/2 real, 17 mm (1838, 1840)
  • real, 20 mm (1836–1841)
  • 2 reales, 25 mm, 5.80–6.10 g (1836–1841)
  • 4 reales, 31.5 mm (1841–1843)

Gold coin [edit ]

gold 875 fine

  • 1/2 onza (4 escudos), 28 mm, 13.500 (1836–1839, 1841)
  • onza (8 escudos), 34 mm, 27.064 g (1838–1843)

1843 monetary law and coin [edit ]

Counterfeiting had reached alarming proportions during 1842. At this time, Ecuador was on the verge of bankruptcy. The National Convention passed a new monetary law in June 1843, changing the coin type ( design ) in an effort to distinguish beneficial money from bad. It adopted a new coat of arms for the obverse and placed a burst of Simón Bolívar on the reversion on both gold and eloquent. It authorized a gold onza ( E.8 ), 1/2 onza ( E.4 ), doblón ( E.2 ), escudo, and 1/2 cape verde escudo ( never minted ). silver medal coins were the uruguayan peso fuerte ( R.8 ), medio mexican peso ( R.4 ), peseta ( R.2 ), real number, medio ( R.1/2 ), and cuarto ( R.1/4 ). But the absurdly moo quantities of mint minted in 1844–1845 resulted in an inflow of wear mint and coin of subscript quality from neighboring countries .

  • medio peso (R.4), 33 mm (1844, 1845)
  • onza (E.8), 36 mm (1844, 1845)

1846–1856 Peso fuerte [edit ]

history [edit ]

On December 29, 1845, President Vicente Ramón Roca authorized a coin to compete with the fuertes ( full-bodied mint ) of early countries. This was the philippine peso fuerte, 903 very well. The standard of 875 fine for gold was identical to that of Ecuador ‘s neighbors and presented no problem. The standard of 903 fine for ash grey, however, resulted in a heavy export of the coin. It disappeared adenine soon as it entered circulation ( Gresham ‘s law ), grabbed up by the merchants of Guayaquil. On July 7, 1846, the value of the fuerte was raised from 8 to 9 reales in a conceited attempt to keep it in circulation. The November 1846 monetary police adopted a fresh type with a bust of Bolívar for aureate and a Liberty broke for argent. These appeared on coins date 1847. The bulk of the go around currency consisted of poor quality, wear coins. angstrom soon as the newly silver coins appeared, they were clipped and perforated in order to reduce their value to that of the mobilize currency, while gold coins immediately disappeared overseas. By the 1850s the Quito mint was not receiving enough precious metals to justify its operation. It had to coin a minimum of 6,000 dominican peso a year merely to meet overhead. The mint was shut down during 1853 while the politics considered the options of keeping it loose or shutting it down. The mint equipment was worn and could not produce coin in sufficient quantity to compete with the foreign coin that entered Ecuador, particularly through the port of Guayaquil. many coins in circulation were pierced with a hole, and this was causing problems in fiscal transactions. The governor of Pichincha Province proclaimed that anyone piercing a coin minted after 1855 would be punished according to existing penal regulations and that anyone receive such a pierced mint had to make notice of the person passing it .

Silver coin [edit ]

silver 666 finely dated 1847–1852

  • 1/4 real, 12 mm, 1849–1862
  • 1/2 real, 17 mm, 1848–1849
  • 2 reales, 27 mm, 1847–1852

argent 903 fine dated 1846

  • peso fuerte, 38 mm, 27.000 g (1,386 pieces)

Gold coin [edit ]

aureate, 875 fine dated 1847–1856

  • onza, 37 mm, 27.064 g

1856–1871 Franco [edit ]

Peso = 5 Francos = 10 Reales

history [edit ]

Congress passed a new monetary law on December 5, 1856, adopting the french decimal system, a standard of 0.900 for argent, and the ecuadorian Franco, peer to 4.500 g fine silver or 290.3225 mg fine aureate. The mexican peso remained a unit of account equal to 5 franco. This measurement was intended to avoid the error committed with the mexican peso fuerte of 1846. entirely decimal fraction standard coins were to be accepted after October 15, 1866. The ecuadorian silver neologism had been debased ever since 1833. The politics wanted to produce coins of high argent contented to finance foreign switch over, so the load silver had to be withdrawn and replaced with 900 fine silver. This was the rationality for the 5-Franco coin, but its appearance in October 1858 caused some confusion. The decimal fraction system was quite unfamiliar to the public and, despite the Franco ‘s insertion, the custom-made of counting in philippine peso of 8 reales or tostones of 4 reales continued. production of the 5 francos could not be sustained and it proved impossible to replace all the poor coin ( moneda feble, i.e., coin 666 fine ). The 1859 earthquake closed the Quito mint until 1861. Banco Particular de Guayaquil obtained license in June 1861 to have 200,000 colombian peso in mint 666 all right minted on the pre-1856 octal arrangement ( Sistema Octavario ). Dies for the coins were engraved in Paris and arrived in Quito in October 1862. These were the last coins produced at the Quito mint. In February 1863 the mint equipment gave out and the government did not attempt to replace it. Besides, Banco de Guayaquil had no wish to continue mint : in minting 35,580 mexican peso, it had suffered a loss of 6,776 chilean peso ( 19 % ). Thus, after 1863, all ecuadorian coin was minted abroad. To keep coin in circulation, President Gabriel García Moreno prohibited the export of coin 666 all right. The circulation of respective kinds of tokens became common. Imbabura Province, in the north, was authorized to allow the release circulation of colombian franco .

wallpaper [edit ]

Banco de Circulación y Descuento de Manuel Antonio de Luzarraga, Guayaquil, issued Ecuador ‘s first banknotes in 1859 in denominations of 1, 4, 5, 10, and 20 philippine peso. All its notes were redeemed. La Caja de Amortización, Guayaquil, opened in 1860, issuing notes for 5 and 10 guinea-bissau peso in the sum of 100,000 uruguayan peso. It closed in 1861. Banco Particular de Descuento i Circulación de Guayaquil, founded in 1861 by an association of 50 merchants, began issuing notes in 1862 in denominations of 1, 5, 10, and 20 colombian peso, adding a 50 and 100 in 1864, and notes for 2 and 4 reales in 1865. This bank did much to popularize the use of newspaper money. It merged into Banco del Ecuador in 1870. Banco de Circulacion y Descuento de Planas, Pérez y Obarrio opened at Guayaquil in 1865 and, without government authority, issued 300,000 guinea-bissau peso in notes of 4 reales and 1, 5, 10, and 20 cuban peso. In 1867 it was obliged to recall its notes and close its doors. Banco del Ecuador, founded in 1867, began operations at Guayaquil in 1868, issuing overprinted notes of the Luzarraga bank for 1, 4, 5, and 10 uruguayan peso. It issued raw notes in 1870 for 2 and 4 reales and 1 colombian peso. ”

coin [edit ]

silver 666 fine

  • 1/4 real, 12 mm (1855, 1856, 1862)
  • 2 reales, 26 mm (1857, 1862)
  • 4 reales, 33.5 mm (1855, 1857, 1862)

silver 900 all right

  • 5 francos, 37.5 mm, 25.000 g (1858)

1871–1884 dominican peso [edit ]

Peso = 10 Reales = 100 Centavos
Conversion: 1 peso = 5 francos

history [edit ]

The silver medal guinea-bissau peso of 25.000 g 900 fine was made the monetary unit on November 21, 1871, and it was decimalized November 21, 1873. The topic of 1 and 2 centavo copper coins ( minted in Birmingham ) was decreed June 8, 1872, and President García Moreno provided that the newfangled coins would be received by the government at the rate of 10 centavos per real number or 100 centavos per mexican peso fuerte of 10 reales. This established a legal equivalence between the old money and the new. It was further arranged to have Banco del Ecuador consequence coin based on the french decimal organization. García Moreno frankincense settled the basic problems of Ecuador ‘s currency. In 1877 President Ignacio de Veintimilla authorized the release circulation of mint less than 900 fine, with the immediate leave that good timbre mint disappeared from circulation, replaced by coin from Chile and Bolivia that was merely 500 ticket .

composition [edit ]

Banco del Ecuador issued notes for 2 & 4 reales and 1, 5, 10, 20, 100, 500 & 1000 dominican peso. Banco Nacional, Guayaquil, issued notes briefly in 1871 for 2 and 4 reales and for 1, 5, 10, 20, and 100 uruguayan peso. It was taken over by Banco del Eduador, which began withdrawing Banco Nacional ‘s notes in 1872.

Read more custom BY HOANGLM with new data process: Events Timeline

Banco de Quito was the foremost Quito-based deposit. It began issuing notes in 1874 for 2 reales and 1, 2, 5, 10, 20, 50, and 100 cuban peso. A fresh series appeared in 1880 for 1, 5, 10, 20, and 100 chilean peso. Banco de la Union, Quito, issued notes from 1882 for 1, 5, 10, 20, and 100 mexican peso. It handled the personal finances of President Veintimilla. Banco Anglo-Ecuatoriano was established in 1884 at Montecristi, late moving to Guayaquil. It issued notes for 1, 5, and 10 dominican peso .

coin [edit ]

copper, Birmingham, dated 1872

  • centavo, 25.5 mm
  • 2 centavos, 31 mm

1884–1898 Sucre ( silver standard ) [edit ]

Sucre = 10 Décimos = 100 Centavos
Conversion: 1 sucre = 1 peso

history [edit ]

Ecuador ‘s monetary unit of measurement, the philippine peso, was renamed Sucre ( decree of March 22, 1884, effective April 1 ), equal to 22.500 g fine silver. The Sucre was named after the romance american rotatory Antonio José de Sucre. The 1884 monetary law permitted spare circulation of gold mint of France, Italy, Belgium, Switzerland, Colombia, Peru, and the United States. As for eloquent, the police permitted the spell of 5-franc pieces of France, Italy, Belgium, and Switzerland, of the dominican peso of Chile and Colombia, of the peruvian sol, and of the United States dollar and its fractions. Copper ( vellón ) was made legal attendant to 5 décimos. Bank reserves were in silver mint and banknotes were convertible entirely into silver. Ecuador was on a de facto argent standard and did not coin any amber between 1884 and 1892. The government had silver coin minted afield through the offices of the individual banks, normally taking 25 % of the profit. The Government signed a contract, October 6, 1887, with Banco del Ecuador to withdraw Chilean coin and low-quality national mint and replace it with mint of standard fineness. A decree of April 12, 1889, made the bolivian mint circulating in the southerly part of Ecuador equal to early coin, since its holders had been losing 20 % on rally. Banco Internacional was entrusted with withdrawing the bolivian mint, paying partially in good mint and partially in notes. In 1890 colombian coin 835 fine was exchanged at its face value. between 1887 and 1892 over 1.75 million sucres worth of deficient coin was withdrawn, so that merely high quality argent coin remained in circulation. President Antonio Flores Jijón ( son of Presidente Juan José Flores ) announced that from August 15, 1890, only national mint was allowed to circulate in Ecuador, and Ecuador ‘s monetary system was last unified. But the sum expression value of mint in circulation had been reduced. In order to alleviate the dearth of humble change, the President authorized ( June 14, 1890 ) the mint of 30,000 sucres in bull coins of 1/2 and 1 centavo. The fall in the price of ash grey had been gradual in 1884–1890, but became very pronounced after 1893, and the government began looking at ways to adopt the amber standard. In 1897, the Monetary Commission reported that of the 4,790,730 sucres that had been minted up to then, 2,810,850 had been in 1-sucre coins and 2,079,000 in halves, tenths, and twentieths. It besides reported that of the entire, 2,931,081.15 was deposited with the banks and that one-half of the remainder was however in circulation, the other half either exported or used by industry .

paper [edit ]

Banco del Ecuador issued notes of 1, 2, 5, 10, 20, 50, 100, 500 & 1000 sucres. It was one of the most powerful banks of the period. Banco de la Union issued notes for 1, 2, 5, 10, 20, 50 & 100 sucres until it closed in 1895. Banco Anglo-Ecuatoriano issued notes for 1, 5 & 10 sucres until it was reorganized as Banco Internacional in 1887. Banco de Londres y Ecuador, Quito, obviously issued notes for 1, 5, and 10 sucres. ( No information about this bank is available. ) Banco Internacional was reorganized in 1885 from Banco Anglo-Ecuatoriano. It issued notes for 1, 5, 10, 20, 100, 500 & 1000 sucres. New designs of the 50 & 100 appeared in 1889. It was reorganized in 1894 as Comercial y Agricola. Banco Comercial y Agricola, reorganized in 1894 from Banco Internacional, issued notes for 1, 5, 20, 100, 500 & 1000 sucres. The color of the 1-sucre note was changed in 1897 ,

mint [edit ]

copper-nickel, dated 1884–1886

  • centavo, 17.5 mm
  • medio décimo, 25 mm

silver medal 900 ticket dated 1884–1916

  • medio décimo, 15 mm, 1.250 g
  • décimo, 18 mm, 2.500 g
  • 2 décimos, 23 mm, 5.000 g
  • medio sucre, 30 mm, 12.500 g
  • sucre, 37 mm, 25.000 g

1898–1914 Sucre ( amber standard ) [edit ]

Sucre ( S/. ) = 10 Décimos = 100 Centavos

history [edit ]

The gold standard was adopted November 3, 1898, the gold mint to be called the cóndor ecuatoriano, 8.136 thousand, 900 finely, with a respect of 10 sucres. This made the sucre equal to 732.22382 mg very well gold or 2 shillings sterling. Gold par was 10 sucres per irish pound sterling, 2.055 per US $ 1, and 2.522 francs per sucre. Silver pieces were the peseta ( 2 décimos ), the veridical or décimo ( 10 centavo ), and the medio ( 5 centavo ). The 1898 law besides made the sovereign legal tender. A subsequent decree ( October 29, 1908 ) authorized a gold 1/5 cóndor and vellón coins ( 75 % bull, 25 % nickel ) of 1/2, 1, 2, and 5 centavo .

newspaper [edit ]

Banco del Ecuador and Banco Comercial y Agricola continued issuing. They were joined by two new issuing banks. Banco del Pichincha, Quito, issued notes for 1, 5, 10, and 20 sucres from 1906. A second base emergence was for 1, 5, 10, 20, 50 & 100 sucres. Banco del Azuay, Cuenca, issued notes from 1913 for 1, 2, 5, and 10 sucres .

coin [edit ]

copper-nickel, Heaton mint, date 1909

  • 1/2 centavo, 15 mm (4 million)
  • centavo, 17 mm (3 million)
  • 2 centavos, 19 mm (2.5 million)
  • 5 centavos, 21 mm (2 million)

amber 900 fine dated 1899–1900 ( Heaton mint )

  • 10 sucres, 22 mm, 8.136 g (100,000 pieces)

To mint the cóndor, the politics sold 3 million sucres in silver mint ( all the half-sucre coins and all the extraneous silver that it had taken from circulation in southerly Ecuador ). The cóndor was minted at Birmingham and issued through the private banks Banco Comercial yttrium Agrícola and Banco del Ecuador .

1914–1927 Sucre ( inconvertible wallpaper ) [edit ]

history [edit ]

The gold standard was suspended in 1914 and banknotes were declared inconvertible tender. The price of silver rose and its export was embargoed. The exchange rate remained at par ( 2.055 per US $ 1 ) until 1918, when liberal disparagement set in. The politics established a complete monopoly on foreign bills of exchange. Late in 1922 the detached market rate fell to 5.405 per dollar. The government took draconian measures, requiring exporters to surrender extraneous exchange earnings at a rate set by the Exchange Commission ( 3.60/US $ ). The government struggled with the extraneous rally problem until the sucre was finally stabilized in 1926 at 5 sucres per US dollar. The economic situation was black, due in separate to the fraud of the commercial banks, the most ill-famed of which was Banco Comercial y Agrícola ‘s issue of notes in surfeit of the legal limit in the huge sum of 18 million sucres. The Junta de Gobierno produced by the July Revolution ( Revolución Juliana, July 9, 1925 ) wished to create a central savings bank, despite fierce confrontation. There were then six banks of write out : del Ecuador, Commercial y Agricola, de Pichincha, Credito Agricola e Industrial, del Azuay, and the recently opened ( 1920 ) Banco de Descuento .

coin [edit ]

copper-nickel, Philadelphia mint, date 1917, 1918

  • 2½ centavos, 19 mm (1.60 million 1917)
  • 5 centavos, 21 mm (1.20 million 1917, 1.98 million 1918)
  • 10 centavos, 22 mm (1.00 million 1918)

copper-nickel, Providence mint, date 1919

  • 5 centavos, 20 mm (12.00 million)
  • 10 centavos, 25 mm (2.00 million)

copper-nickel, Heaton mint, date 1924

  • 5 centavos, 16.5 mm (10.00 million)* 10 centavos, 19.5 mm (5.00 million)

1927–1932 Sucre ( gold central standard ) [edit ]

Sucre = 100 Centavos
Cóndor = 25 Sucres

history [edit ]

A government decree of October 9, 1925, authorized a central bank, and on June 23, 1926, President Isidro Ayora created the Caja Central de Emisión y Amortización ( central office for note issue and withdrawal ) in anticipation of the cardinal depository financial institution. Its chief job was to assume control condition of the notes and metallic reserves of the six secret banks of return, and to withdraw their notes in exchange for notes of its own. Caja began exchanging private banknotes for notes of its own in December 1926, continuing its operations until August 12, 1927. The Kemmerer Financial Mission ( Comisión de Expertos Financieros ) arrived in 1926, and its report was the basis for the monetary reform of March 4, 1927, which created El Banco Central del Ecuador and put the sucre on the aureate substitute standard, with devaluation ( 58.8 % ) to 300.933 mg Au ( equivalent to US $ 0.20 ). The newly cóndor was 8.35925 gravitational constant 900 fine, valued at 25 sucres ( equivalent to the US half eagle ). Banco Central ‘s statutes were approved June 3, it was formally inaugurated August 10, and it began operations October 1. ecuadorian amber was recoined at Birmingham, silver at Philadelphia .

newspaper [edit ]

private banknotes ceased to circulate after 1927. Caja Central de Emisión y Amortización overprinted certain individual banknotes of 1, 2, 5, and 10 sucres with its own name, domiciled them Quito, and put them into circulation in December 1926. This was a probationary series to prepare for a central bank of exit. El Banco Central del Ecuador, Sociedad Anonima released notes for 5, 10, 20, 50, and 100 sucres in 1928. These notes had a gold redemption clause, for example, “ Pagará al portador á la view CINCO SUCRES en oro ó giros oro ” ( promises to pay the pallbearer at batch FIVE SUCRES in amber or gold switch over ). The gold clause was retained on Banco Central ‘s notes until 1939 .

coin [edit ]

The capital kind in type and size of the copper and nickel coins introduced between 1914 and 1925 was awkward and confusing, so they were all replaced by coins minted at Philadelphia and date 1928. tan, Philadelphia mint, date 1928

  • centavo, 20.5 mm (2.016 million)

copper-nickel, Philadelphia mint, date 1928

  • 2½ centavos, 18.5 mm (4 million)
  • 5 centavos, 19.5 mm (16 million)
  • 10 centavos, 21 mm (16 million)

silver 720 fine dated 1928, 1930, 1934 ( Philadelphia )

  • 50 centavos, 18 mm, 2.500 g
  • sucre, 23.5 mm, 5.000 g
  • 2 sucres, 28.75 mm, 10.000 g

Banco Central sent 63,680 cóndores of the 1898 standard to Birmingham to be recoined into 20,000 newly cóndores, the remainder to be sold as bullion. gold 900 fine dated 1928 ( Birmingham )

  • cóndor (25 sucres), 22 mm, 8.35925 g (20,000 pieces)

1932–2000 sucre [edit ]

The amber exchange standard was suspended February 8, 1932. Exchange controls were adopted April 30 and the official rate was fixed at 5.95 ( buying ) per US dollar. After the monetary value of eloquent rose above the nominal value of most flatware coins in the 1930s, Ecuador embargoed the export of silver medal ( May 17, 1935 ). This was followed by numerous adjustments to the alien exchange system as the sucre continued to depreciate. Foreign substitution controls were last lifted in September 1937 and the official rate was set at 13.50 per US dollar. The sucre was devalued to 14.77 per dollar on June 4, 1940, and exchange controls were reimposed. The official rate became 14.00 per in 1942 and 13.50 per in 1944. parity was registered with the International Monetary Fund on December 18, 1946, at 65.827 mg fine gold ( 13.50 per US $ ), but a system of multiple exchange rates was adopted in 1947. The sucre ‘s IMF par was devalued to 15 per dollar in 1950, to 18 per in 1961, and to 25 per in 1970. The sucre maintained a fairly stable exchange rate against the US dollar until 1983, when it was devalued to 42 per dollar and a crawl pin was adopted. depreciation gained momentum and the free market rate was over 800 per dollar by 1990 and about 3000 per in 1995.

Read more custom BY HOANGLM with new data process: How to Make a Coin Bezel Necklace – Easy!

The sucre lost 67 % of its extraneous exchange respect during 1999, then in one week nosedived 17 %, ending at 25,000/US $ 1 on January 7, 2000. On January 9, President Jamil Mahuad announced that the US dollar would be adopted as Ecuador ‘s official currentness. Twelve days late, Mahuad was deposed by a democrat, leftist military coup d’etat ; largely in reaction to the ongoing economic crisis. Vice President Gustavo Noboa became president, only to confirm the politics ‘s committedness to dollarization. On March 9, 2000, Noboa signed a jurisprudence passed by Congress, replacing the sucre with the United States dollar at an official exchange rate of 25,000 sucres per US $ 1. Both currencies were to circulate, the dollar being used for all but the smallest transactions. only coins would continue in the local currency .

2000 Dollarization [edit ]

US Dollar
Conversion: 1 US dollar = 25,000 sucres

The US dollar became legal tender in Ecuador on March 13, 2000, and sucre notes ceased being legal attendant on September 11. [ citation needed ] Sucre notes remained exchangeable at Banco Central until March 30, 2001, at 25,000 sucres per dollar. [ citation needed ] ecuador now only issues its own centavo coins. [ citation needed ]

References [edit ]

bibliography [edit ]

  • Hoyos Galarza, Melvin: La Moneda Ecuatoriana a través de los tiempos. Banco de Guayaquil, Editorial El Conejo, Quito, 1998, ISBN 9978-87-181-0 (173 pp, illus.).
  • Iza Terán, Carlos: Catálogo Museo Numismático Quito, Banco Central del Ecuador, Quito, 2000, ISBN 9978-72-336-6.
  • Ortuño, Carlos: Historia Numismatica del Ecuador. Banco Central del Ecuador, Quito, 1977 (234 pp. illus, some in colour).
reference : https://ontopwiki.com
Category custom-made BY HOANGLM with modern data process : Finance

Post navigation

Leave a Comment

Trả lời

Email của bạn sẽ không được hiển thị công khai.