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Ecuador's int'l reserves drop in 2009
News Date: 7th January 2010
Ecuador's international reserves fell to 3.792 billion U.S. dollars at the end of 2009, a drop of 11 percent from the start of the year, the Central Bank of Ecuador said Tuesday.
Ecuador's reserves reached its peak in November 2009 with 5.237 billion dollars, while the month of May saw its lowest level with 2.594 billion dollars.
The reserves, among other functions, support the circulation of U.S. dollars in Ecuador. The South American country was forced to replace its own currency, the sucre, with the U.S. dollar in 2000 following a financial crisis that saw about 20 banks closed and some others nationalized.
Source: GNA
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