Friday, May 9, 2014

Change for a $20?

Rather than ramble on about the so-far mediocre surf conditions, I figured I'd do a post about money here in Ecuador. Following an economic collapse in 1999, Ecuador's president abandoned the Sucre, with its terrible international exchange rate and declared the US dollar their official currency in a widely unpopular move. Protests over the dollarization of the economy led to his ouster a few days later but the new president remained committed to the change. Now, Ecuador mints their own coins for denominations of $1 and less. It has actually been a bit confusing getting used to their coins cause they are the same size and shape as US coins.


One of the biggest dilemmas I've run into so far has been that not many businesses carry much money or change on hand so paying with anything larger than a $5 bill is typically met with confusion and annoyance. Any chance I get at a hostel or larger store, I try to break a $20.


Dollar coins are very common and really weigh down your pockets!

Having been here only a little over two weeks, I want to avoid sweeping generalizations but another observation I've had confirmed by other travelers is the clustering of like businesses around one another. If there's one sandwich cart, there's another four in a row right next to it. Knowing that just a few bucks can really help somebody's business and family, it literally becomes a paralyzing decision just where to get lunch!


Hmmm, which $3 cocktail stand should I visit?? Life is rough...

2 comments:

  1. I'm confused. Do they print US coins or do they print Ecuadorian dollars that look like dollars?

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    Replies
    1. Ecuadorian coins that are the same size and shape as US coins but different designs on them

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