Currency Change in Ecuador?

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MikeGB Serial expat

Member since 28 August 2012

MikeGBSerial expat18 December 2014 22:08:03

299

I just read a post "http://www.telesurtv.net/english/news/Dump-the-Dollar-Says-Ecuadorean-President-20141217-0058.html" dated Dec 17th stating that Correa is in favor of a currency change in Ecuador.

I am curious to hear what impact this might have on, particularly, US expats. Is there a potential for some to go back to the US?

What currency do you think Ecuador would adopt? The article seems to indicate that Correa is in favor of Ecuador's own currency. What might that be?

There might be a significant advantage to Canadians. Currently, we are at a significant disadvantage due to the conversion to US funds.

And then there is the concern for stability of a new currency on the world market.

cccmedia Ecuador / Colombia Expert

Member since 13 March 2014

cccmediaEcuador / Colombia Expert19 December 2014 00:00:14

10280

MikeGB wrote:
I just read a post...Correa is in favor of a currency change in Ecuador...

What currency do you think Ecuador would adopt? The article seems to indicate that Correa is in favor of Ecuador's own currency.

As an Ecuadorian lawmaker said last summer, the temptation to issue a new currency rather can curb spending may be too much to resist.

However, it defies logic to think that the tea leaves can be read with any chance for accuracy before the complementary electronic currency is introduced, integrated into EC society and evaluated over time.

If there is a new currency down the road, it will probably be one as yet unnamed, because adopting any currency already existing in the world would not give El Supremo the flexibility he wants to maintain EC spending. Spending, which, by the way, many observers consider was long overdue when Correa assumed power eight years ago, and which has improved many lives.

cccmedia in Quito

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