Banking in Ecuador

Banking in Ecuador

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Banking in Ecuador has a long history. At the time of the dissolution of Gran Colombia and its formation as a republic, Ecuador's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws. Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil. After the Liberal Revolution came a period called the Banking Plutocracy that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil. This period ended with the July Revolution of 1925.

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