Ecuador switches over to US dollar

Quito - Ecuador became the first Latin American country to adopt the US dollar officially and exclusively as legal tender, the…

Quito - Ecuador became the first Latin American country to adopt the US dollar officially and exclusively as legal tender, the centrepiece of a controversial economic stabilisation plan.

A poll found that 76 per cent of the public opposed the dollarisation backed by President Gustavo Noboa to try to rein in runaway inflation, encourage investment and reverse capital flight.