The chairman of Ecuador's Central Bank reported Thursday, Sept. 11, that, the country's GNP will grow by 5.2% in 2008, up from the previous estimate of 3%. Carlos Vellejo credited most of the growth to high prices of oil. The increase in agricultural revenue has also been higher than expected, Vellojo said.

The three mainstays of the Ecuadorian economy are petroleum products, remittances from the estimated 3 million migrants who live in North America and Europe, and agriculture.

Vellejo also said that the U.S. dollar would remain Ecuador's currency. "We are hearing a lot of rumors that there are plans to abandon the dollar," the central bank chairman said. "Let me affirm that there are no plans to leave the current system. We are satisfied with the status quo." 

The Central Bank is sticking to its estimate that inflation will stay under double digits for 2008. The Bank's projection of a 9.2% rate of inflation for 2008 remaines unchanged. Many Latin American countries are looking at inflation rates as high as 25% for 2008, economists say.