Currency of Ecuador: description, rate

To date, the official currency of Ecuador is the US dollar (USD). However, the exchangeable centavo coin remaining from the previous monetary unit is still used on the territory of the country.

Dollarization of the country

In 2000, the government of Ecuador decided to replace the current national currency with the US dollar. This was due to the desire to increase the interest of tourists from the United States to Ecuador, as well as to simplify the financial industry in the country. The national currency was too unstable and weak.

Such a difficult decision of the republic's governing body was supposed to lead the country out of the protracted economic crisis, but the people of Ecuador were dissatisfied with the fact that the state currency will be withdrawn from circulation and the dollar will be introduced.

Description

As already mentioned above, the currency of Ecuador today is the American dollar, which is no different from what is going on in the US. Describe in detail the appearance of American dollars is not necessary, since it is known to almost every person on the planet.

All banknotes are used: from one to one hundred dollars. But American coins are practically not used, because the national coins of the centavo remained in circulation. They are used by local residents, they are given in the shops for delivery.

The former currency of Ecuador

Until 2000, the official state currency of the country was the Ecuadorian Sucre, which was divided into 100 centavos. This monetary unit was put into circulation in 1884 and was used until April 2000. At the end of the 20th century, Ecuador was in a deep economic crisis, because of which the national currency underwent hyperinflation and constantly depreciated. This greatly exacerbated the already difficult economic situation.

The Ecuadorian Sucre was named after one of the Bolivian presidents Antonio José Sucre. By the end of the 90's. In the course were bills of denomination from 5 to 50,000 sucres.

Currency of Ecuador: rate

The modern US dollar in Ecuador has the same rate as the dollar in other countries. To date, the currency of Ecuador to the ruble is approximately 58-59 rubles, this is today the US dollar rate. Dollarization of the country greatly facilitated the economic situation in the country, tourists from all over the world, especially from America, came to it more actively.

Russian travelers are also more comfortable using dollars than other currencies. The currency of Ecuador to the dollar was extremely low. For 100 Ecuadorian sucres, approximately 0.25 Russian rubles were given. This is despite the fact that the ruble is also a very inexpensive currency.

Exchange transactions

Having the US dollars with him, the tourist automatically frees himself from the need to look for exchange offices. However, by bringing a different currency, the traveler must find a place where he can exchange his money for American dollars. In the country there are no special problems with the exchange of bank notes. At the airport, hotels, in almost all banks and exchange offices, you can exchange money for dollars.

With the Russian ruble are not always working, but quite in many places. The number of visitors from Russia is small, but growing every year, so financial institutions began to show more interest in the ruble.

However, Ecuador is more likely to work with the euro and the Canadian dollar, since after the United States the largest number of tourists come to the country from Canada and Europe, except for the Latin American countries with which Ecuador borders. From there, quite a lot of travelers come to the country, but Russian tourists are not very interested, because it does not facilitate the situation with currency exchange.

Due to the fact that the US dollar is used in Ecuador, in any Russian bank there is actually the currency of Ecuador. The exchange rate to the ruble is identical with the usual US dollar, since there are no differences from it. Often, the exchange rate in Russia from rubles to dollars is more profitable than the exchange of rubles for dollars in Ecuador. However, this is not always the case, so before the trip it is better to find out where it is more profitable to exchange money and, based on this, already make a decision about the place of currency exchange.

Conclusion

Ecuador is a small state in South America, its economy is rather weak, although in recent years the country has been experiencing stable economic growth. Perhaps the improvement is partly due to the country's transition from the national currency to the US dollar. In any case, this had a positive effect on the economic situation in the country, although at first local residents perceived such financial reform as hostile.

Almost any tourist who wants to visit this country, it is beneficial that the currency of Ecuador - the dollar, because it greatly simplifies the exchange of banknotes. In addition, the commission for such operations in the country is charged relatively small. As a rule, it is about 2-4% of the amount of exchange. For comparison: in Russia the commission can exceed 10%, however there are organizations that do not take commissions for exchange transactions.

Despite the fact that the dollar is the official currency of the country, some features of the financial system in Ecuador still exist. The visitor needs to take into account that as a deposit in a store or a cafe you can easily give out Ecuadorian centavos, since they were not withdrawn from circulation. This happens mostly in small provincial shops. Large chain supermarkets, restaurants and hotels always use only dollars.

In addition, when making a purchase in a small store or on the local market, it is better not to pay off large dollar bills, because the seller may simply not have to surrender.