Free Republic

Due to economic instability, in January of 2000, then Ecuadorian President Jamil Mahuad instituted a policy instating the United States dollar as the official currency of Ecuador. Despite disapproval of the policy by current Ecuadorian President Rafael Correa’s administration, no plans are currently in the works to replace the US dollar as the official currency. However, the administration has indicated that it would replace the US dollar in favor of a South American currency if one became available. The dollar replaced "sucres" in Ecuador, at a rate of 1 for every 25,000 sucres. While Ecuador has officially replaced their own...

HAVANA (AP) - Members of a leftist bloc of nine Latin American nations said Saturday they plan to use a new currency dubbed the "sucre" for trade among themselves starting in January. No sucres will be printed or coined, but the virtual currency will be used to manage debts between governments while reducing reliance on the U.S. dollar and on Washington in general. Cuba already signed an agreement on Saturday to pay for a shipment of Venezuelan rice in sucres, according to Rogelio Sierra, the island's deputy foreign minister. He declined to say what the shipment was worth.