ADN's bench defended dollarization and proposed its own commission

On March 18, 2025, the National Democratic Action (ADN) caucus announced that it will propose a new formation for the commission that will draft the constitutional amendment on dollarization. The decision comes after the National Assembly's failed attempt to establish a special commission with a Correaist and Social Christian majority.

President Daniel Noboa urged his caucus to push for the reform of Article 303 of the Constitution, in order to establish the dollar as the only official currency of Ecuador. Additionally, the president signed a decree ratifying the U.S. dollar as the only means of payment in the country, thus preventing any attempt to introduce an alternative currency.

The Citizen Revolution (RC), an opposition bloc led by Correaism, has expressed its intention to protect dollarization, but its proposal would include the possibility for the Central Bank of Ecuador to issue a digital currency, which, according to the Government, would jeopardize the country's economic stability.

The ruling caucus argued that this mechanism could open the door to unsupported issuance, similar to what socialist governments in the region applied with negative results.

The struggle for the special commission remains in dispute, but ADN made it clear that it will not vote for a formation in which Correaism has a majority. The new proposal from the ruling caucus seeks to integrate legislators from different caucuses, as long as they support the amendment with two key objectives: guarantee the dollar as the only currency, prevent the issuance of an unsupported “ecuadollar”.

With this move, the ruling party seeks to ensure financial stability and shield dollarization against possible attempts at monetary manipulation in the future.