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After many deliberations with his economic advisers President Jamil Mahuad announced that the sucre was to be ditched altogether.
In addition to proposing the replacement of the sucre with the dollar at the current exchange of 25,000 to one, the proposal includes bank and labor reforms that would make Ecuador more enticing to foreign investors.
The national currency, the sucre , would be replaced by the US dollar.
Mahuad's proposal to dollarize the economy, scrapping the sucre , the national currency, in favor of US greenbacks, sparked widespread opposition and mass protests that ended in the military overthrow.
Galapagos is part of Ecuador and the local currency is the sucre .
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