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How can Ecuador use the US dollar?

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Like about a dozen other small countries, Ecuador doesn't have its own currency. It just uses the U.S. dollar. read more

There is no way the US can prevent Ecuador from using US dollars as their primary means of exchange (a country can literally declare any product legal tender), nor would it want to prevent this as it creates demand for US dollars. read more

There’s a reason Ecuador and other countries want to rest their futures on the U.S. dollar and why China’s hope to use the Great Recession to supplant the dollar with the renmimbi as the international reserve currency of choice has sputtered: The U.S. economy is, despite Washington’s best efforts the last four years to prove otherwise, remarkably resilient and well-managed. read more

The sucre lost 67% of its foreign exchange value 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 currency. read more

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