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Main points of Ecuador's dollarization plan

QUITO, Ecuador, Mar 1 (Reuters) - Ecuador's Congress passed a bill Tuesday night to adopt the U.S. dollar as the nation's main currency with the aim of pulling the South American nation out of its worst socio-economic crisis in five decades.

The following is a summary of the bill's articles:

* Ecuador's Central Bank to swap sucres for dollars at a rate of 25,000 sucres for $1.

* Ecuador's Central Bank has 180 days in which to exchange dollars for sucres in circulation once the bill is signed into law and takes effect.

* All transactions done through financial institutions will be conducted in U.S. dollars.

* All accounting by individuals and legal entities, both public and private, will be expressed in U.S. dollars and capital will be expressed in U.S. dollars.

* Ecuador's Finance Minister cannot present a budget in any fiscal year in which the deficit would exceed 2.5 percent of that year's gross domestic product.

* There will be no capital controls on any foreign currency transfers out of the country.

* Individual and company debt with the financial system of up to $50,000 will be reprogrammed to allow them to repay their obligations in the coming three to seven years.

* Interest rates on sucre or dollar denominated debt that mature Jan. 10, 2001 and as of Jan. 11, 2001 will have the following rates: 16.82 percent on loans and 9.35 percent for deposits.