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1. dollarization (economics)
DOLARIZACIÓN Dolarización (dollarization) refers to the replacement of the national currency by a foreign currency (typically the US dollar) for given purposes. This can take the form of a country simply using the US dollar as its national currency (as in the case of Panama since 1904, or Ecuador, which replaced the sucre with the dollar in 2000), or an attempt can be made to peg the value of the national currency to that of the dollar through a fixed exchange rate (as in Argentina after 1991) to try to stabilize the economy. “Unofficial” dollarization can also occur, when people have lost confidence in the national currency and banking system, and take to using dollars for major cash transactions and savings. In such cases a significant part of the economy can simply fail to appear in official statistics.
Translate dolarización using machine translatorsSee Machine Translations
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