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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 Cobs ( macuquina) were ordered withdrawn in 1826, but because of the lack of other coin, they continued to provinces only old Spanish colonial coin and macuquina circulated, mostly Peruvian. 1830–1850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 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 ''currency'' appear in the respective synonymous articles: banknote, coin, and money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silver Standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins were an international trading currency for nearly four hundred years. The move away from the silver to the gold standard began in the 18th century when Great Britain set the gold guinea’s price in silver higher than international prices, on the recommendation of Sir Isaac Newton, thus attracting gold and putting Great Britain on a de facto gold standard. Great Britain formalised the gold standard in 1821 and introduced it to its colonies afterwards. Imperial Germany’s move to the gold standard in 1873 trigger ... [...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 who served as the 42nd president of Ecuador from 22 January 2000 to 15 January 2003. Previously he served as the 42nd Vice President of Ecuador, vice president under President Jamil Mahuad from 1998 until 2000. From 1983 until 1984, he also was the Governor of the Guayas Province, province of Guayas. Born in Guayaquil, Noboa's political career began when he was appointed Governor of the Guayas Province by President Osvaldo Hurtado in 1983 where left the role the following year. In 1998 Ecuadorian general election, 1998, Noboa was the running mate of Jamil Mahuad, where their ticket won and Noboa became vice president. On 21 January 2000, after growing discontent with the people of Ecuador, especially the Indigenous people of his handling of the severe 1998–1999 Ecuador economic crisis, economic crisis, Mahuad was ousted in a 2000 Ecuadorian coup d'état, coup d'état led by ... [...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 of Ecuador, Vice President as President of Ecuador, President, and imprisoning coup leaders.Zamosc, Leon (2007),The Indian Movement and Political Democracy in Ecuador, ''Latin American ... [...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 who served the 41st president of Ecuador from 1998 until he was deposed in a coup in 2000. He previously served as the 17th mayor of Quito from 1992 to 1998. Born in Loja of German and Lebanese descent, Mahuad grew up studying law. He studied in the Pontificia Universidad Católica del Ecuador and earned a law degree from Harvard University. In 1988, Mahuad entered politics and ran unsuccessfully for the presidency in the elections held that year. He then became the Metropolitan Mayor of Quito in 1992. In 1998, Mahuad ran again for the presidency in the elections and narrowly won against Álvaro Noboa, the richest man in the country at the time. However, Noboa refused to concede and demanded a recount, which was denied by the authorities responsible. Mahuad signed a historic agreement with Peru during his presidency, which solved long-standing border disputed between the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crawling Peg
In macroeconomics, crawling peg is an exchange rate regime that allows currency 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 discour ... [...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 funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...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 exch ... [...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, 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. Overview 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 1934. Congress later rendered gold clauses again enforceable for contracts issued after October 28, 1977, as codified in (d)(2). In 2008, the United States Court of Appeals for the Sixth Circuit affirmed the enforceability of such clauses in the ... [...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. Capped Bust Right 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 the first gold coin produced by the new country, with issues from 1795 to 1798. Simultaneously, another type was minted that depicted a larger heraldic eagle on the rever ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Isidro Ayora
Isidro Ramon Antonio Ayora Cueva (31 August 1879 – 22 March 1978) was an Ecuadorian political figure. He served as the 22nd President of Ecuador from 1926 to 1931. Isidro Ayora, a town in Guayas, and Puerto Ayora, are name A name is a term used for identification by an external observer. They can identify a class or category of things, or a single thing, either uniquely, or within a given context. The entity identified by a name is called its referent. A person ...d after him. Some people name coins ''ayora'' because they were introduced by him. Upon his death in 1978 at age 98, Ayora was the longest-living Ecuadorian president. His record was surpassed by Guillermo Rodríguez in 2023 when Rodríguez turned 100. Honours *1930: Grand Cordon in the Order of Leopold.RD of 5 September 1930 References ISIDRO AYORA CUEVA. diccionariobiograficoecuador.com. explored.com.ec 1879 births 1978 deaths People from Loja, Ecuador Ecuadorian people of Spanish des ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
