El Salvador recognized the dollar
National currency
On January 1, 2001, the US dollar became the official currency of El Salvador. Thus, it is already the third country in Latin America that has equated the American currency to the national one.

On January 1, the decree of President Salvador Francisco Flores came into effect recognizing the American dollar as the second national currency. Now citizens of El Salvador can make all types of payments using both the Salvadoran Colon and the dollar.

US dollars have been the official currency of Panama for more than three years, and since September last year of Ecuador. Guatemala announced its intention to give the dollar the status of a national currency from May 1, 2001.

Recognition of the dollar as the official currency, according to the Salvadoran authorities, should help bring the country's economy out of the crisis in which it has been for the last twenty years. More than half of Salvadorans live in poverty since the 12-year civil war ended in 1992. And El Salvador’s trade deficit last year reached a huge value for this country - $1 billion.
According to Francisco Flores, the recognition of the dollar will help El Salvador attract foreign investment, since the risk of devaluation of the national currency will disappear. And this should help the country overcome the economic recession and direct funds to social programs.
However, the Salvadoran authorities only officially recognized the situation that had developed after the civil war. Salvadorans who fled to the United States returned home with dollars. And most of them did not believe in the national currency, preferring to use dollar savings made during emigration for payments.

SEVASTIAN Kommersant-KOZITSYN

Newspaper "Kommersant" No. 1 dated January 10, 2001, p. 3