The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Friday, February 15, 2008

Record Cash Reserves in Ecuador

Quito, Feb 12 (Prensa Latina) The Monetary Reserve of Available Currency of Ecuador achieved a new yearly record with 3.745 billion dollars, informed the Central Bank (BCE).

This figure was at 3.615 billion dollars last February 8 and grew by 120 million, reveals the last BCE report.

The available monetary reserve is fed by income from oil exports as well as through international loans and is used to cover the foreign debt and import goods of the public sector.

According to BCE this deposit sustains domestic circulation of US dollars, a currency adopted by Ecuador in 2000 after elimination of the sucre.

However, Ecuadorian president Rafael Correa denied this argument and pointed out that the money is supported here by the billion dollars sent as remittances by Ecuadorians living abroad and the sale of oil.

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