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Currency Of Ecuador
This article provides a historical summary of the currency used in Ecuador. The present currency of Ecuador is the United States dollar. 1822–1830 Gran Colombia : Peso = 8 Reales (silver) : Onza = 8 Escudos = 16 Pesos (diamonds) Quito was part of Gran Colombia until 1830 as ''Departamento del Sur''. Gran Colombia's monetary regulations retained the old Spanish colonial system, with both milled and hammered coin circulating. Gold and silver were minted at Popayán and Bogotá, copper at Caracas. On July 28, 1823, Bolívar authorized a mint at Quito, but almost a decade would pass before one opened there. Cobs (macuquina) were ordered withdrawn in 1826, but because of the lack of other coin, they continued to provinces only old Spanish colonial coin and macuquina circulated, mostly Peruvian. 1830–1850 Peso 1830–1836 State of Ecuador Countermarked coin The 1832 countermark was intended solely for coin minted at Bogotá (Cundinamarca) between 1815 and 1821. But coins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antonio Flores Jijón
Juan Antonio María Flores y Jijón de Vivanco (23 October 1833 – 30 August 1915) as 13th President of Ecuador 17 August 1888 to 30 June 1892. He was a member of the Progressive Party, a Liberal Catholic party. Antonio Flores was born in Quito at Carondelet Palace (the presidential residence) while his father, General Juan José Flores, presided over the nation. His mother was Mercedes Jijón de Vivanco y Chiriboga, daughter of the Count of Casa Jijón, member of one of Quito's old aristocratic families. During the first presidency of Gabriel García Moreno, Flores was an ambassador in Paris, London, and Washington. He was also Minister of Finance in 1865. He died in Geneva, Switzerland Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevra ; rm, Genevra is the second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaking part of Switzerland. Situa .... He was married to Leonor Ruiz de Ap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dollarization
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe. Some small economies, for whom it is impractical to maintain an independent currency, use the currencies of their larger neighbours; for example, Liechtenstein uses the Swiss franc. Partial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution; for example, Argentina and Peru were both in the process of converting to the U.S. dollar during the 1990s. Origins After the gold standard was abandoned at the outbreak of World W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustavo Noboa
Gustavo José Joaquín Noboa Bejarano (21 August 1937 – 16 February 2021) was an Ecuadorian politician. He served as the 42nd president of Ecuador from 22 January 2000 to 15 January 2003. Previously he served as the vice president during Jamil Mahuad's government from 1998 until 2000. From 1983 until 1984, he also was the Governor of the province of Guayas. Political career Noboa was governor of Guayas Province from March 1983 to August 1984. In the 1998 presidential elections he was the running mate of Jamil Mahuad, who won. He was sworn in as Vice President of Ecuador on 10 August 1998. Presidency (2000–2003) On 21 January 2000, a military coup deposed Mahuad's government and the following day Noboa became President of Ecuador in constitutional order. Noboa's presidency was marked by attempts to revive the Ecuadorian economy, which was in a recession at the time, including the freeing of US$400 million worth of assets frozen by the previous government. He left offi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2000 Ecuadorian Coup D'état
The 2000 Ecuadorian coup d'état took place on 21 January 2000 and resulted in President Jamil Mahuad being deposed, and replaced by Vice President Gustavo Noboa.Barracca, Steven 'Military coups in the post-cold war era: Pakistan, Ecuador and Venezuela', Third World Quarterly, 28:1, 137 - 154 The coup coalition brought together a short-lived junta composed by the country's most powerful indigenous group, Confederation of Indigenous Nationalities of Ecuador (CONAIE), and a group of junior military officers led by Lieutenant Colonel Lucio Gutiérrez. Amidst a severe economic crisis, the coup coalition sought to emulate the populist democracy and economy of Hugo Chávez's Venezuela. The coup ultimately failed, with senior military officers opposed to the programme installing the elected Vice President as President, and imprisoning coup leaders.Zamosc, Leon (2007),The Indian Movement and Political Democracy in Ecuador, ''Latin American Politics and Society'', 49.3. pp1-34 Background Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jamil Mahuad
Jorge Jamil Mahuad Witt (born 29 July 1949) is an Ecuadorian lawyer, academic and former politician. He was the 41st president of Ecuador from 10 August 1998, to 21 January 2000. Early life Mahuad was born in Loja, Ecuador. He is of Lebanese and German descent. Mahuad attended Harvard University's John F. Kennedy School of Government, and received a Master of Public Administration in 1989. He was a US State Department-sponsored Fulbright Fellow. Presidency Mahuad initially ran in the presidential election of 1988, coming in a distant fifth place. He then served as Mayor of Quito from 1992 to 1998. Ten years after his first presidential run, he won the presidential election by a very close margin. Álvaro Noboa, the defeated candidate, asked for a vote recount, which was denied by the authority responsible. There was a severe economic crisis in Ecuador (including the 1998–99 Ecuador banking crisis), which had led to a 60% cut in the armed forces budget. Mahuad's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crawling Peg
In macroeconomics, crawling peg is an exchange rate regime that allows depreciation or appreciation to happen gradually. It is usually seen as a part of a fixed exchange rate regime. The system is a method to fully use the key attributes of the fixed exchange regimes as well as the flexibility of the floating exchange rate regime. The system is shaped to peg at a certain value but at the same time is designed to "glide" to respond to external market uncertainties. Changing rates External pressure To react to external pressure (such as interest rate differentials or changes in foreign-exchange reserves) to appreciate or depreciate the exchange rate, the system can have moderately-sized, frequent exchange rate changes to ensure that the economic dislocation is minimized. Rate formulae Some central banks use a formula that triggers a change when certain conditions are met, while others prefer not to use a preset formula and frequently change the exchange rate to discourage spe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Controls
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national borders. These controls allow countries to better manage their economies by controlling the inflow and outflow of currency, which may otherwise create exchange rate volatility. Countries with weak and/or developing economies generally use foreign exchange controls to limit speculation against their currencies. They may also introduce capital controls, which limit foreign investment in the country. Rationale Common foreign exchange controls include: * banning the use of foreign currency within the country; * banning locals from possessing foreign currency; * restricting currency exchange to government-approved exchangers; * fixed exchange rates * restricting the amount of currency that may be imported or exported; Often, foreign exchange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Clause
Gold clauses in contracts allow a creditor the option to receive payment in gold or gold equivalent. A gold clause may prove valuable to the creditor in long term contracts, wherein questions may arise as to whether a currency in use at the time the contract was entered into would still have the same value when payment is due. Creditor concerns in respect to inflation, war War is an intense armed conflict between states, governments, societies, or paramilitary groups such as mercenaries, insurgents, and militias. It is generally characterized by extreme violence, destruction, and mortality, using regular o ..., changes in government, and any other uncertainty about the future value of currency would be common reasons for adopting a gold clause within a contract. These clauses were common at the beginning of the 20th century. However, their use in the United States was invalidated by the Joint Resolution of June 5, 1933 (Pub. Res. 73–10) and the Gold Reserve Act of 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Half Eagle
The half eagle is a United States coin that was produced for circulation from 1795 to 1929 and in commemorative and bullion coins since 1983. Composed almost entirely of gold, its face value of five dollars is half that of the eagle coin. Production of the half eagle was authorized by the Coinage Act of 1792, and it was the first gold coin minted by the United States. Turban Head The design and composition of the half eagle changed many times over the years; it was originally designed by Keenan Barber Ganz. At this time the coin contained .9167 gold and .0833 copper and silver. It had a diameter of approximately , a weight of 8.75 grams, and a reeded edge. The obverse design, or "Turban Head", depicted a capped portrait of Liberty facing to the right. The reverse depicted a small eagle. This type was produced from 1795 to 1798. Simultaneously, another type was minted that depicted a larger heraldic eagle on the reverse with the inscription "E PLURIBUS UNUM". This type was pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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