Ecuador’s Foreign Reserves Drop to Lowest in Almost Two Years

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Ecuador’s Foreign Reserves Drop to Lowest in Almost Two Years

posted on Mar 16, 2009 02:21PM

its time to call on your buddies Hugo Chavez, Evo Morales, Raul Castro and Daniel Ortega for a bailout, won't be holding my breath

By Stephan Kueffner

March 16 (Bloomberg) -- Ecuador’s foreign reserves fell to their lowest since June 2007, driven down by slumping oil exports and capital outflows following the government’s debt default.

Foreign reserves declined 5 percent to $3.31 billion in the week ended March 13, following a 13 percent decline the prior week, the central bank said in a report on its Web site today.

Reserves have plunged 47 percent from $6.5 billion in September as the global recession eroded demand for the country’s oil exports and President Rafael Correa defaulted on some foreign bonds in December, saying the debt was “illegal” and “illegitimate.”

Ecuador uses the dollar as its currency, making its money supply dependent on dollar inflows.