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Thank you for a more balanced treatment of the issue.
The Salvadoran Colón was the official currency of El Salvador. On October 1, 1892 the government of President Carlos Ezeta renamed the Salvadoran Peso the Colón in honor of Christopher Columbus (Cristóbal Colón in Spanish), the discoverer of America. The Colón replaced the Peso at par in 1919. The Colón is subdivided into 100 centavos. It was initially pegged to the US Dollar at the rate of 2 colones = 1 USD.
The U.S. dollar is the official currency of El Salvador. (Photo: PhotoObjects.net/PhotoObjects.net/Getty Images )
Yeah that sucks el Salvador’s is united States bitch
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El Salvador’s economy has worsen because of many other factors such as the world economic crisis, an unstable economy in the US, violence in el salvador, etcc… The dollarization has its own effects but it is a marginal effect.
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Have you ever heard of the saying GIVE YOUR FAMILY FISH AND FEED THEM FOR 1 DAY! TEACH THEM HOW TO GO FISHING OR HOW TO FISH AND FEED THEM FOR A LIFETIME. I have done both and I think teaching them how to fish is much better than giving them free fish…
One thing you forgot to mention is that Ecuador and Panama have excess dollars. El Salvador has shortages. BIG difference. If you look at current account, it is getting worse. Only way to sustain it is by increasing remittances. To put it differently: the more salvadorans leave (or get the hell out of their country) the better. We will soon find out who is the last one to leave the poor country.
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This El Salvador Colon and United States Dollar convertor is up to date with exchange rates from November 7, 2016.
Dollarization has provided some benefits. For instance, El Salvador has not faced hyperinflation like some of its Latin American counterparts have. Keeping inflation low is important because it allows banks to lend more, putting more money into the economy. Additionally, having the dollar as their official currency has limited the chance of any sort of speculative attacks, which means that El Salvador is much less likely to face a Balance of Payments Crisis like Mexico or Argentina did.
Roxanna, You have no idea what you are talking about! You speak for yourself and wired family!! Not all Salvadorians take advantage of the money sent to them. You are weird!
El Salvador needs to get rid of it’s gang problem to help the local economy. I lived in El Salvador as teenager in the early 90’s and it was lovely. I had a recent trip and it has drastically changed for the worse. It feels very unsafe there.
Enter the amount to be converted in the box to the left of El Salvador Colon. Use "Swap currencies" to make United States Dollar the default currency. Click on United States Dollars or El Salvador Colones to convert between that currency and all other currencies.
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El Salvador "doolarized" on January 1, 2001, officially replacing the Colón with the USD at a rate of 8.75 Colóns = 1 US Dollar.
In 1883, President Rafael Zaldivar oversaw the implementation of the First Monetary Law, which adopted the peso as El Salvador's official currency. Each peso was originally worth 8 reales, later changed to 10 reales to adopt a decimal system. Three banks had the right to issue them: the Banco International, Occidental Salvadoreño and Agrícola Comercial.
Since El Salvador became an independent nation in 1838, it has made use of multiple types of currency. At times, it has adopted the currency of other nations, originally reflecting its Spanish roots and later forming a financial connection to the United States. The history of its currency reflects the often turbulent history of the nation itself.
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Money Of El Salvador
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Note: This currency has been replaced by the US Dollar.
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When El Salvador attained independence in the 1830s, it informally used the macaco as its currency. These silver coins were often minted in other countries, but were not established as El Salvador's official currency until 1856. El Salvador made wide use of the Spanish peso as well, and local farmers used brass coins, called "fiches de finca." El Salvador issued its own currency, the real, first in the form of silver coins and then in paper currency starting in 1877.
I am born in USA and have to say you are the ignorant one! Saying your people are lazy. It might just run in your family! because all the Salvadorian people I know are very honest and very hard working people. So you get off your ego saying your successful, and stop putting your people down! You do not live there 24/7 to know exactly what they go through. My prayers for them.
The El Salvidor Colon (ADP) is obsolete. It was replaced with the United States Dollar (USD) on January 1, 2001. One USD is equivalent to 8.75 SVC.
Only the government and the already wealthy were the ones who pushed for the colon to be replaced by the dollar. This is a fairly small, but thieving and money hungry group. It is the most of the country who suffers consequences later and specially the poor because all things are rounded up except for their wages.
Dollarization is not for all countries. For this policy to be truly successful, hyperinflation must be a real concern and investment must be contingent on interest rates and not other factors such as violence. El Salvador has benefitted in some ways by dollarization, however in the long run, there seems to have been more costs than benefits.
Robert Vaux has been a professional writer and editor since 1995. He has traveled throughout Europe and North America as well as parts of North Africa. Since 2000 he has been a professional movie critic at Flipside Movie Emporium, the Sci-Fi Movie Page and Mania.com. Vaux has a Master of Arts in English literature from Syracuse University.
El Salvador's official currency is the US dollar. ATMs are plentiful, and credit cards, particularly visa cards, widely accepted.
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