LatinFinance - March/April 2015 - Supplement - 3

ECUADOR
between $50 and $60 in the ﬁrst two
months of the year.
What's more, Ecuador is facing a
decline in revenue from other important
export sectors, such as ﬂowers and
bananas. That is compounded by
the fact that Ecuador uses the US
currency. The climb of the dollar makes
its exports more expensive, especially
compared to competitors, such as
Colombia, that have witnessed major
currency devaluations.
"The problem with the dollar is
almost as serious as the oil price,"

The Institute also reported that its
basket of basic goods, which includes
families' most purchased products,
was $646.30 per month at the end of
2014, while average family income was
$634.67. Although still representing a
disparity of more than $10 a month,
the chasm between the price of basics
and income has narrowed progressively
from $26.26 in 2013.
Industries and Productivity Minister
Ramiro González says the improvement
in purchasing power has been hugely
important. "We have managed to

"WE'VE PRIORITIZED
PUBLIC SPENDING
THAT STAYS IN THE
COUNTRY, AND
THAT MAKES THE
ECONOMY MORE
DYNAMIC"

guarantee livable wages in Ecuador.
The middle class has doubled and
purchasing power is strong," he says.
César Robalino, executive director
of the Private Banking Association of
Ecuador, says that President Correa has
criticized dollarization, but knows it
cannot be reversed. "The government is
aware that even the hint of abandoning
the dollar would have a traumatic
effect. Talk a few years ago of a new

currency, the condor, created an
immediate backlash and use of the
dollar was still relatively new. Leaving it
now, after 15 years, would not work,"
he says.
Indeed, while Correa criticizes the
lack of ﬂexibility dollarization imposes
on Ecuador's economic policy, he says it
would be almost impossible to abandon
it. Instead, the country needs to resort
to more creative mechanisms.

PRESIDENT
RAFAEL CORREA

CORREA: Welcome, investment

Correa tells LatinFinance. "It's like being
in a [boxing] ring with one hand tied
behind your back."
The dollar was adopted by a previous
administration nearly 15 years ago
and has helped the country maintain
macroeconomic stability. Inﬂation last
year was 3.67%, an increase from
the previous year, but still among the
lowest in the region, according to the
National Statistics and Census Institute.

A Supplement to LatinFinance - March/April 2015

3

LatinFinance - March/April 2015 - Supplement

Table of Contents for the Digital Edition of LatinFinance - March/April 2015 - Supplement

Contents
LatinFinance - March/April 2015 - Supplement - Cover1
LatinFinance - March/April 2015 - Supplement - Cover2
LatinFinance - March/April 2015 - Supplement - Contents
LatinFinance - March/April 2015 - Supplement - 2
LatinFinance - March/April 2015 - Supplement - 3
LatinFinance - March/April 2015 - Supplement - 4
LatinFinance - March/April 2015 - Supplement - 5
LatinFinance - March/April 2015 - Supplement - 6
LatinFinance - March/April 2015 - Supplement - 7
LatinFinance - March/April 2015 - Supplement - 8
LatinFinance - March/April 2015 - Supplement - 9
LatinFinance - March/April 2015 - Supplement - 10
LatinFinance - March/April 2015 - Supplement - 11
LatinFinance - March/April 2015 - Supplement - 12
LatinFinance - March/April 2015 - Supplement - 13
LatinFinance - March/April 2015 - Supplement - 14
LatinFinance - March/April 2015 - Supplement - 15
LatinFinance - March/April 2015 - Supplement - 16
LatinFinance - March/April 2015 - Supplement - 17
LatinFinance - March/April 2015 - Supplement - 18
LatinFinance - March/April 2015 - Supplement - 19
LatinFinance - March/April 2015 - Supplement - 20
LatinFinance - March/April 2015 - Supplement - Cover3
LatinFinance - March/April 2015 - Supplement - Cover4
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