Expat Community > Ecuador

crowdpub
Joined 2010
Posts: 726

Ecuador Signals Possible Dropping U.S. Dollar

9 years ago

President Correa says dump the U.S. dollar. A few years ago I voiced my belief that I thought there was a strong likelihood that Ecuador would get rid of the U.S. dollar for a national currency. The basis for this opinion was in part that Ecuador could not maintain its financial position and meet its obligations with the U.S. dollar as the national currency. A national currency would allow the government to print money and devalue the currency. It seems that the low price of oil per barrel is making this a more likely scenario. The country has already instituted a program of a type of electronic currency under the pretext to draw people into the banking system who are not currently participating. Exciting times ahead. The downward price on oil if it continues will have a severe economic impact in my opinion on the country and will put great pressure on its ability to meet obligations. http://latinamericacurrentevents.com/ecuador-president-correa-says-u-s-dollar-is-opposite-of-what-country-needs/33835/

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