- Monetary unit:
- the Country code:
- Ecuador, Republic
- US dollar
- of 283 560 sq. km
- the Spanish (state)
- EC (ECU) 218
Till 2000 national monetary unit of Ecuador was sucre which was equal 100 centavo. In circulation there were notes in nominal value 5000, 10000, 20000 and 50000 sucres. As issuing institute the Central bank of Ecuador acted; founded on March, 4th, 1927 as joint-stock bank. The international designation of sucre - ECS .
Sucre has been entered as monetary unit in April, 1884 - with a gold content into 1,4516 g of pure gold and silver - 22,5 g of a fine silver, i.e. Equaled to the French coin of 5 francs. From November, 4th, 1898 (has come into force since June, 1900) the sucre gold content has been positioned by the law in 0,7322382 g, a parity rate - 2,05 sucres for 1 US dollar. Till 1927 along with a gold condor (a coin in 10 sucres) a lawful legal tender was equal to it on a gold content the English sovereign.
As a result of a hyperinflation, in the end of 20 centuries in which there was a currency of Ecuador, on January, 9th, 2000 Presidential Administration Hamilja Mauada has made the decision on acceptance of the American dollar as official currency for economic crisis escaping.
Till March, 30th, 2001 the Central bank of Ecuador interchanged sucre in the ratio 25000 for 1 US dollar.
It is updated 05.2012