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Why did Ecuador use US dollar?

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I don't know about you, but I hadn't seen one in years – and had never seen the nearly identical presidential dollar coins – until I landed in Ecuador two weeks ago. They're all over the place down there. Like about a dozen other small countries, Ecuador doesn't have its own currency. It just uses the U.S. read more

On January 9, President Jamil Mahuad announced that the US dollar would be adopted as Ecuador's official currency. Protests led to his removal. Vice President Gustavo Noboa became president, only to confirm the government's commitment to dollarization. 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

Poor quality and counterfeit coin 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 widespread. In an attempt to end the use of tokens, the government introduced a cuartillo (1/4 real) in 1842. read more

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