Many people are surprised to learn that Ecuador is one of just three countries in the world to use the US dollar (USD) as its official currency. The other two being Panama and of course the USA. For most travelers this is great news as it means Ecuador is an easy destination for travel money planning.
When did Ecuador adopt the US dollar as its official currency?
2000
Why is the US dollar El Salvador's currency?
On 1 January 2001, the government in El Salvador gave up control of its monetary policy . It abandoned the fixed exchange rate and "dollarized" the economy. Thus, U.S. currency can be used in El Salvador as legal tender. ... They point out that exporters are having trouble maintaining market share in the global economy.
Why is US dollar used as world currency?
Despite trillions of dollars in foreign debt and continuous large deficit spending, the United States still holds global trust and confidence in its ability to pay its obligations. For this reason, the U.S. dollar remains the strongest world currency. It may continue to be the top global currency in the years to come.
The present currency of Ecuador is the United States dollar.
What was Ecuador's old currency?
Sucre
What happened to Ecuador currency?
Why does Ecuador use US currency? Ecuador decided to switch their money to the US dollar from the old Ecuadorian Sucre back in the year 2000. Before this change, the inflation rate for the local Sucre currency was notoriously high and unstable.