Ecuadorian Sucre

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Ecuadorian Sucre

The national currency of Ecuador between 1884 and 2000. Its ISO 4217 code is ECS. Originally based on gold, it was placed on a crawling peg to the U.S. dollar in 1983. In 1999, it lost two-thirds of its value, and fell 17% in the first week of 2000. This prompted President Jamil Mahuad to replace the sucre with the dollar as the national currency. Sucres ceased to be legal tender in September 2000 and became unexchangeable in March 2001.
References in periodicals archive ?
During a severe 1999 financial crisis he declared a bank holiday, freezing accounts and replacing the Ecuadorean sucre with the U.