 Between 1998 and 1999, Ecuador faced a period of economic instability that resulted from a combined banking crisis, currency crisis, and sovereign debt crisis.Severe inflation and devaluation of the Ecuadorean Sucre lead to President Jamil Mahuad announcing on January 9, 2000 that the US dollar would be adopted as the national currency.Despite the government's efforts to curb inflation, the Sucre depreciated rapidly at the end of 1999, resulting in widespread informal use of U.S. dollars in the financial system.