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Ecuador's decision to adopt the US dollar as its official currency originated with bank bailouts by the government, devaluation of its currency, and the government's fiscal deficit in 1999. Later that year, the government defaulting on paying all of a $98 million interest payment on bonds .
Peso was the name of the 8 real coins circulating in Ecuador since the Spanish colonial period. In 1856, the currency was pegged to the French franc, with 1 peso = 5 francs. From 1862, paper money was issued denominated in reales and pesos.
16 Οκτ 2023 · Ecuador uses the US dollar as its official currency. In this post, you’ll learn about Ecuador’s currency including pesos, francos, Sacagawea coins, and the dollarization in 2000. Plus, we cover how to handle your money in Ecuador, how to avoid counterfeit bills, tipping, and ATMs.
The Sucre (Spanish pronunciation: [ˈsukre]) was the currency of Ecuador between 1884 and 2000. Its ISO code was ECS and it was subdivided into 10 decimos and 100 centavos. The sucre was named after Latin American political leader Antonio José de Sucre.
10 Ιαν 2024 · Sucre: Ecuador's former official currency, replaced by the USD. Real: Predecessor to the Sucre, used during Spanish colonization. Escudo: Historical currency during the Gran Colombia era. In addition to the current USD, acknowledging Ecuador's past currencies adds depth to its economic narrative.
Since September 9th 2000 the US Dollar is the official currency in Ecuador. Ecuador still issues it's own coins with the same size, weight and denomination as US-Cent coins.
In the year 2000, Ecuador adopts the US Dollars as its official currency since the Sucre was worth nothing, (of course there is an astronomical yearly fee, which the Ecuadorian Government pays to be able to use the US dollars) so for now the “Sucre” is just a story to tell part of the past.
