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ECUADOR HISTORICAL MEMORY. 2020-01-02. GUAMOTE, CHIMBORAZO, ECUADOR. Indigenous people from the town of Guamote, in the province of Chimborazo, Ecuador, handled dollars for the first time, after former president Jamil Mahuad decreed the change from the sucre to the dollar. The dollarization in Ecuador decreed by former president Jamil Mahuad, began on January 9, 2000, through a monetary measure, which was the disaster of the official currency of Ecuador until that moment, the sucre, and passing to the dollar. The Ecuadorian currency called the sucre entered into a very rapid devaluation and in just one week it went from 7,000 sucres per dollar to 19,000 sucres, something that left Ecuadorians mired in an economic crisis. The banks took advantage of that crisis to transfer billions of dollars to tax havens.
The current Ecuadorian president, Guillermo Lasso, was Minister Secretary of State for Economy in the Mahuad government and played an important role in the negotiations that the International Monetary Fund (IMF) and the Ecuadorian State held in 1999, prior to dollarization. Patricio Realpe/ChakanaNews
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THE DOLLARIZATION IN ECUADOR
ECUADOR HISTORICAL MEMORY. 2020-01-02. GUAMOTE, CHIMBORAZO, ECUADOR. Indigenous people from the town of Guamote, in the province of Chimborazo, Ecuador, handled dollars for the first time, after former president Jamil Mahuad decreed the change from the sucre to the dollar. The dollarization in Ecuador decreed by former president Jamil Mahuad, began on January 9, 2000, through a monetary measure, which was the disaster of the official currency of Ecuador until that moment, the sucre, and passing to the dollar. The Ecuadorian currency called the sucre entered into a very rapid devaluation and in just one week it went from 7,000 sucres per dollar to 19,000 sucres, something that left Ecuadorians mired in an economic crisis. The banks took advantage of that crisis to transfer billions of dollars to tax havens.<br /> The current Ecuadorian president, Guillermo Lasso, was Minister Secretary of State for Economy in the Mahuad government and played an important role in the negotiations that the International Monetary Fund (IMF) and the Ecuadorian State held in 1999, prior to dollarization. Patricio Realpe/ChakanaNews

CHAKANANEWS 2021