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Written by Dollarization
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Friday, 30 November 2007 |
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Officially Dollarized Economies
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| (Dollarization in the broad sense of using any foreign currency, not just the dollar, as the national currency.) |
| Economy |
Population |
GDP ($bn) |
Political status |
Currency |
Since |
| American Samoa |
67 |
0.5 |
U.S. territory |
U.S. dollar |
1899 |
| Andorra |
68 |
1.2 |
independent |
euro , own coins |
1278 |
| British Virgin Islands |
21 |
0.3 |
British dependency |
U.S. dollar |
1973 |
| Cocos (Keeling) Islands |
600 |
0.0 |
Australian external territory |
Australian dollar |
1955 |
| Cook Islands |
21 |
0.1 |
New Zealand self-governing territory |
New Zealand dollar |
1995 |
| Cyprus, Northern |
140 |
0.8 |
de facto independent |
Turkish lira |
1974 |
| East Timor |
857 |
0.2 |
independent |
U.S. dollar |
2000 |
| Ecuador |
13,200,000 |
37.2 |
Independent |
U.S. dollar |
2000 |
| El Salvador |
6,200,000 |
24.0 |
Independent |
U.S. dollar |
2001 |
| Greenland |
56 |
1.1 |
Danish self-governing region |
Danish krone |
before 1800 |
| Guam |
160 |
3.2 |
U.S. territory |
U.S. dollar |
1898 |
| Kiribati |
94 |
0.1 |
independent |
Australian dollar, own coins |
1943 |
| Kosovo |
1,600,000 |
? |
U.N. administration |
euro |
1999 |
| Liechtenstein |
33 |
0.7 |
independent |
Swiss franc |
1921 |
| Marshall Islands |
71 |
0.1 |
independent |
U.S. dollar |
1944 |
| Micronesia |
135 |
0.3 |
independent |
U.S. dollar |
1944 |
| Montenegro |
700 |
1.6 |
semi-independent |
euro (partly "DM-ized" since 1999) |
2002 |
| Monaco |
32 |
0.9 |
independent |
euro (formerly French franc) |
1865 |
| Nauru |
12 |
0.1 |
independent |
Australian dollar |
1914 |
| Niue |
2 |
0.0 |
New Zealand self-governing territory |
New Zealand dollar |
1901 |
| Norfolk Island |
2 |
0.0 |
Australian external territory |
Australian dollar |
before 1900? |
| Northern Mariana Islands |
75 |
0.9 |
U.S. commonwealth |
U.S. dollar |
1944 |
| Palau |
19 |
0.1 |
independent |
U.S. dollar |
1944 |
| Panama |
2,800,000 |
16.6 |
independent |
U.S. dollar, own balboa coins |
1904 |
| Pitcairn Island |
42 |
0.0 |
British dependency |
New Zealand, U.S. dollars |
1800s |
| Puerto Rico |
3,900,000 |
39.0 |
U.S. commonwealth |
U.S. dollar |
1899 |
| San Marino |
27 |
0.9 |
independent |
euro (formerly Italian lira), own coins |
1897 |
| Tokelau |
1,5 |
0.0 |
New Zealand territory |
New Zealand dollar |
1926 |
| Turks and Caicos Isands |
18 |
0.1 |
British colony |
U.S. dollar |
1973 |
| Tuvalu |
11 |
0.0 |
independent |
Australian dollar, own coins |
1892 |
| U.S. Virgin Islands |
120 |
1.8 |
U.S. territory |
U.S. dollar |
1934 |
| Vatican City |
1 |
0.0 |
independent |
euro (formerly Italian lira), own coins |
1929 |
| Sources: Kurt Schuler, "Encouraging Official Dollarization in Emerging Markets," staff report, Office of the Chairman, Joint Economic Committee, U.S. Congress, April 1999; CIA World Factbook 2001; press reports. |
| Notes: Data for some countries here are latest available from the CIA World Factbook; not all data are 2001. Some other countries issue domestic notes and coins but grant a foreign currency status as a parallel legal tender. GDP is in terms of purchasing power parity. |
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Last Updated ( Tuesday, 10 March 2009 )
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Candidates for Dollarization 
