dollarization

Definitions

The process of a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency.

uncountable

Equivalents

Examples

““Many emerging-market economies have⟳ tried a number⟳ of technical devices: the fixed rate peg, varieties of crawling peg, currency boards and even dollarization,” Mr. Greenspan said in a recent speech. “The success has been mixed. Where successful, they have⟳ been backed by sound⟳ policies.””

“Making dollarisation work⟳ requires structural reform⟳, something President Noboa has failed to achieve⟳. Ecuador's businesses are struggling against high costs. The public finances face⟳ a shortfall. A new agreement with the IMF has proved elusive. Neither candidate says he would scrap the dollar, but neither says much about reform⟳.”

“But dollarization is not a panacea for Argentina’s crisis-stricken economy, analysts say⟳.”

CEFR level