Dollarisation in Latin America

Since the year 2000, the government of Ecuador has instituted a policy instating the United States dollar as the official currency of Ecuador. El Salvador, likewise, instituted a policy instituting the United States dollar as their official currency in 2001 thereby becoming the third Latin American country to use a foreign money as their official…

Dollarisation of Ecuador

Due to economic instability, in January of 2000, then Ecuadorian President Jamil Mahuad instituted a policy instating the United States dollar as the official currency of Ecuador. Despite disapproval of the policy by current Ecuadorian President Rafael Correa’s administration, no plans are currently in the works to replace the US dollar as the official currency.…