Embroiled in its worst economic crisis in decades, the Andean country of 12.4 million people saw its currency fall 67 percent last year and it has depreciated 18.3 percent in the first four trading days of 2000.

  "We hope the Central Bank's board will adopt the necessary measures because the cost (of a U.S. dollar) is too high," said Modesto Correa, who sits on the bank's board, moments before entering the meeting.

  "The Central Bank will act," he added.

  Finance Minister Alfredo Arizaga was also present at the closed-door meeting. The Central Bank said it would announce any news at a press conference Friday.

  The sucre closed down 4 percent at 25,575 sucres per dollar Thursday, as the country grew increasingly distrustful of the government's ability to lead it out of a crushing economic crisis.

  Ecuadorian President Jamil Mahuad decreed a state of emergency Thursday morning, giving him special powers to order troops onto the streets to control the demonstrations which have plagued his administration.

  At least 10 people were hurt and 49 detained Thursday as protesters marched through downtown Quito demanding Mahuad step down.

  Although Central Bank president Pablo Better affirmed the country's floating exchange rate system and denied it would dollarize its economy, local press continued to report the government would fix the currency at a set level and then opt for the greenback.

  Ecuador is struggling through its worst economic crisis in decades and posted the highest inflation in Latin America last year. Its unemployment rate is 17 percent and its economy is expected to have contracted 7.3 percent in 1999.

  The International Monetary Fund, with whom Ecuador is negotiating a loan package for access to $250 million and loans from other bodies, asked Mahuad this week to stick to economic policies agreed to with the Washington-based agency.

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