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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 .
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. The peso was formally adopted as the currency of Ecuador in 1871, replacing the real at a rate of 1 peso = 8 reales. It was subdivided into 100 centavos.
Ecuador introduced its own coinage in 1833, with the Ecuadorian real replacing the earlier currencies at par. In 1856, the currency was pegged to the French franc, with 8 reales = 5 francs (1 real = 62½ centimes). From 1862, banknotes were issued denominated in pesos and reales.
The Sucre (Spanish pronunciation:) 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. The currency was replaced by the United States dollar as a result of the 1998–99 financial crisis.
Ecuadorian centavo coins were introduced in 2000 when Ecuador converted its currency from the sucre to the U.S. dollar. [1] The coins are in denominations of 1, 5, 10, 25 and 50 centavos and are identical in size and value to their U.S. cent counterparts (although the U.S. 50-cent coin counterpart is not often seen in circulation).
A currency symbol or currency sign is a graphic symbol used to denote a currency unit. Usually it is defined by a monetary authority, such as the national central bank for the currency concerned. A symbol may be positioned in various ways, according to national convention: before, between or after the numeric amounts: €2.50, 2,50€ and 2 50.
National symbols of Ecuador are the representative symbols that are used by Ecuador to represent the nation, reflecting different aspects of the cultural life and history. . The official symbols or emblems of Ecuador are established by law and part of the Political Constitution of Ecuad
President Jamil Mahuad announced the implementation of the U.S dollar as Ecuador's currency leading to coup d'état and his replacement with vice-president Gustavo Noboa. Noboa successfully implemented the dollar and Ecuador negotiated a sand-by program with the IMF. Ecuador's economy was slightly boosted by the heightening of oil prices from ...