The Republic of Ecuador, located astride the equator on the Pacific coast of South America, has an area of 109,484 sq. mi. (283,561 sq. km.) and a population of 12.65 million. Capital: Quito. Agriculture is the mainstay of the economy but there are appreciable deposits of minerals and petroleum. It is the world?s largest exporter of bananas and balsa wood. Coffee, cacao and shrimp are also valuable exports. ,Ecuador was first sighted, 1526, by Bartolome Ruiz. Conquest was undertaken by Sebastian de Benalcazar who founded Quito in 1534. Ecuador was part of the province, later Vice-royalty, of Peru until 1739 when it became part of the Vice-royalty of New Granada. After two failed attempts to attain independence in 1810 and 1815, it successfully declared its independence in October 1820, and won final victory over Spanish forces May 24, 1822. Incorporated into the Gran Colombia confederacy, it loosened its ties in 1830 and regained full independence in 1835.,, Monetary System:,,, ,1 Sucre = 10 Decimos = 100 Centavos,, ,1 Condor = 25 Sucres,, ,1 USA Dollar = 25,000 Sucres (March 2001),,