Ecuador’s president, Rafael Correa, is a step closer to dropping dollarization, according to analysts.
"It’s definitely realistic that Correa will start looking at ways to get rid of dollarization," says David Dowsett, senior portfolio manager at BlueBay Asset Management. "He would prefer to not be in charge of a dollarized economy. At the moment it is potentially too risky but it is difficult to say anything with certainty. In time I could definitely foresee a situation where Correa will take this route away from dollarization." By using the dollar as the national currency, Ecuador’s central bank lacks the...
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