Ecuador’s Legislative Administration Council has approved forming a commission to amend Article 303 of the Constitution, reinforcing the U.S. dollar as the official currency. This initiative, driven by President Viviana Veloz and former Assemblyman Pabel Muñoz, comes just before elections, amidst ongoing debates about dollarization in the country.
The Legislative Administration Council in Ecuador has approved a resolution to form a commission aimed at modifying Article 303 of the Constitution to solidify the recognition of the U.S. dollar as the official currency. The initiative, initially proposed by former Assemblyman Pabel Muñoz in 2021, seeks to bolster dollarization, with support from the current Assembly President, Viviana Veloz.
This proposal follows the Constitutional Court’s earlier endorsement and is introduced just ahead of the crucial second round of elections on April 13. Luisa Gonzalez, representing the Citizen Revolution (RC), faces current president Daniel Noboa, with dollarization being a pivotal economic focus in their campaigns.
Ecuador has used the dollar as its legal currency for 25 years, yet during elections, accusations often arise regarding attempts to de-dollarize the nation. Both Gonzalez and the RC leadership have adamantly denied these claims, emphasizing their commitment to maintaining dollarization as a foundational economic strategy.
In summary, Ecuador is moving forward with an initiative to amend its Constitution to officially recognize the dollar, a step endorsed by the Constitutional Court and the current Assembly leadership. This development emerges just before significant elections, where economic stability under dollarization is a primary concern for candidates, particularly within the Citizen Revolution party, affirming their intention to retain the dollar as the official currency.
Original Source: www.plenglish.com
