OPEC
Ecuador Devalues
Ecuador has devalued its currency, the sucre, by some 14% - from 96.5 to the dollar to 110 to the dollar - and introduced a new system of duties on imports in an effort to compensate for falling oil revenues. According to the Ecuadorian Finance Minister, Mr. Francisco Swett, the fall in the price of Ecuadorian crude oil to the current average of $19/B (rather than the $23/B used in government projections for 1986) will mean some $220mn less in revenues this year. Mr....
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