The poll, which has previously proved highly accurate, gives Jamil Mahuad the most votes but not enough to secure an outright victory.

The election was arranged after the previous President Abdala Bucaram, who was known as 'The Madman', was deposed by the country's Congress.

Mr Mahuad (centre) celebrates with supporters including his daughter Paola

Mr Mahuad, mayor of the capital Quito, is said to have won 36.7% of the vote.

His main rival Alvaro Noboa, who is supported by the disgraced former president, collected 29.8% support, the exit poll says.

If the poll is correct the other four candidates will drop out of the race and Mr Mahuad will line up against Mr Noboa, a businessman, on July 12.

The winner will take office a month later.

Mr Bucaram was deposed for "mental incapacity" in February 1997 after six months in power and replaced with interim President Fabian Alarcon.

Enemies say Mr Bucaram used the presidential jet for family shopping trips to Miami.

Christian Democrat Mr Mahuad has accused his opponent of wanting to bring home Mr Bucaram, who is in exile in Panama.