Ambassador states Ecuador should reduce dependence on dollar for trade

sputniknews.com reported Ecuadorian Ambassador to Russia Patricio Alberto Chavez Zavala stated that Russia and Ecuador should adopt financial mechanisms that will reduce their dependence on the dollar for international trade.”It is important for our countries to create new mechanisms of financial compensation, which would help us depend on the purchase of the dollar less in trade. Russia and Ecuador must seek to establish a system of payment in national currencies,” Zavala said in an interview.

The diplomat also noted that the strengthening of the dollar negatively affects the country’s exports denominated in the currency, with Ecuadorian goods becoming more expensive and therefore less competitive on the global market. Read Article

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