At the end of last week, Ecuadorian President Daniel Noboa announced Executive Decree 565, which officially establishes the US dollar as the official currency.

Noboa ratified the measure through the presidential digital portal during an official ceremony in the city of Cuenca, in the south of the country.

In the decree, the president urges “the ruling bloc of the National Democratic Action (ADN) movement in the National Assembly (Parliament) to propose the legislative process of reforming Article 303 of the Constitution.”

It is known that this reform primarily establishes that “the Central Bank of Ecuador may not issue any type of currency or parallel currency other than the dollar.”

It also states that the actions will be aimed at “promoting and maintaining a stable monetary system and contributing to financial stability, in order to preserve the integrity of dollarization.”

This presidential announcement means that all “transactions, monetary and financial operations, and their accounting records, carried out in the Republic of Ecuador” will be denominated in the US dollar.

M.Pino

Source: xinhuanet

(Reference image source: Alexander Mils on Unsplash)

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