Dollarization and the Agricultural Ecuadorian Sector

The  Economical Transformation Law of Ecuador, from March 13, 2020, started the Dollarization of the country's currency. A monetary substitution such as this, due to the international value and power of the US Dollar was expected to cause several effects and impacts in the national economic structure.

We formed a multidisciplinary study team, with experts from the Ministry of Agriculture, from the private agricultural sector, as well as analysts from the public sector. Our international advisers from Texas A&M provided methodology, and we held a three-day workshop in Quevedo-Manabi, Ecuador.

• Traditional Exports
• New Agricultural Exports
• Borderline Exports
• Internal Market

As the New Agricultural Exports and Investments Consultant for the World Bank SICA Project, I was responsible for the conduction of the work-group "New Agribusiness."

I was also the designated writer of the memoirs of the Workshop. Published by the Ministry of Agriculture in April, 2000.

• The new agricultural exports from Ecuador were already produced and commercialized mainly in dollars since this is the currency most used in international markets.
• Monetary correction processes were envisioned to be needed to adapt enterprises' accounting books.
• Ecuadorian exporting companies were encouraged to improve their production processes, obtain ISO 9000 and 14000, develop and use information systems (such as the ones offered by the World Bank SICA Project), enhance their knowledge of international markets, and invest in technological infrastructure.