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ECUADOR TALKS OF ELIMINATING U.S. DOLLARAn E-Sylum reader writes:
This article may be of interest for The E-Sylum. Correct me if I'm wrong, but I believe they use large quantities of Sac Dollars in Ecuador.
Yes, we've discussed this subject before. Ecuador's standard currency is the U.S. dollar, and Sacagawea dollar coins are popular there. -EditorEcuadorean President Rafael Correa said on Saturday it would be "really stupid" to abandon the U.S. dollar and vowed to keep the greenback as the OPEC nation's official currency.
Economists fear the leftist Correa will scrap the dollar to better deal with an economy reeling from plummeting oil prices and limited foreign credit after he defaulted on $3.8 billion in sovereign bonds over illegalities charges.
"It will be really stupid to scrap the dollar," Correa said during his weekly media address. "Our government has done more than anyone to protect the dollarized (economy)."
The dollar, adopted as Ecuador's currency in 2000 to halt devaluations after a crippling financial crisis, is widely popular among Ecuadoreans who see it as an anchor of economic stability.
Here's an excerpt from our earlier article on Sacagawea's in Ecuador. -Editor
Somebody at the mint, perhaps tired of stubbing their toes on bags of Sac dollars in the vaults, had a brain storm and commencing on April 15, 2002 the U.S. began sending some $500 million of the unwanted dollar coins to Ecuador for use as circulating currency. And, wow, did they circulate! So much so that in less than a year they became the most popular currency item in the country."
Many uninformed Ecuadorians believe the central device on the obverse is that of an Ecuadorian woman from the mountains.
To read the earlier E-Sylum article, see: SACAGAWEA DOLLARS IN ECUADOR (http://www.coinbooks.org/esylum_v10n34a16.html)
Wayne Homren, Editor
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