At the time of the dissolution of Gran Colombia and its formation as a republic, Ecuador's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws.
[1] Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil.
After the Liberal Revolution came a period called the Banking Plutocracy (Plutocracia bancaria) that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil (Banco Comercial y Agrícola de Guayaquil).
This period ended with the July Revolution (Revolución Juliana) of 1925.
[2] In 1998, Ecuador's banks faced the worst financial crisis in the country's history.