Ecuador's adoption of the US dollar and former President Rafael Correa's economic policies
- 1President Hamid Mauad announced on January 9, 2000, that Ecuador would replace the sucre with the US dollar.
- 2The value of the Ecuadorian sucre plummeted at the end of 1999, reaching an exchange rate of 20,243 per US dollar.
- 3Former President Rafael Correa was sentenced to 8 years in prison for receiving bribes in the Sobornos case.
So what's the key point?
Ecuador decided to use the US dollar instead of its own currency. This happened because the value of its money dropped too low.
Source Fortune · View original ↗
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