]] U.S. dollar users, including the United States Currencies pegged to the US dollar Euro users, including the Eurozone Currencies pegged to the Euro Australian dollar users, including Australia New Zealand dollar users, including New Zealand South African rand users (CMA, including South Africa) Indian rupee users and pegs, including India Pound sterling users and pegs, including the United Kingdom Special drawing rights or other currency basket pegs Three cases of a country using or pegging the currency of a neighbor]] Dollarization occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency as a store of value, unit of account, and/or medium of exchange within the domestic economy. The term is not only applied to usage of the United States dollar, but generally to the use of any foreign currency as the national currency. There are two common indicators of dollarization. The first one is the share of foreign currency deposits (FCD) in the domestic banking system in the broad money including of FCD. The second measure is the share of all foreign currency deposits held by domestic residents at home and abroad in their total monetary assets. The biggest economies to have officially dollarized as of June 2002 are Panama (since 1904), Ecuador (since 2000), and El Salvador (since 2001). As of August 2005, the United States dollar, the Euro, the New Zealand dollar, the Swiss franc, the Indian rupee, and the Australian dollar were the only currencies used by other countries for official dollarization. In addition, the Armenian dram, Turkish lira, the Israeli shekel, and the Russian ruble are used by internationally unrecognized but de facto independent states.
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