dollarization

American  

[dol-er-uh-zey-shuhn] / ˌdɒl ər əˈzeɪ ʃən /

noun

1. the conversion of a country's currency system into U.S. dollars.

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dollarization British  

/ ˌdɒləraɪˈzeɪʃən /

noun

1. the process of converting a country's currency to US dollars

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Etymology

Origin of dollarization

First recorded in 1985–90

Example Sentences

Dollarization has been discussed at high levels before—a 1999 Senate Banking Committee hearing considered whether the U.S. should officially encourage it—but no firm resolutions were drawn.

From The Wall Street Journal

But it would have to be clear at the outset that dollarization was a voluntary act—one that granted no privileged access to the Federal Reserve’s liquidity and dollar funding facilities—and that U.S. monetary policy wouldn’t be influenced by another country’s decision to adopt the dollar as its official currency.

From The Wall Street Journal

But he’s ruled out dollarization and instead runs an opaque and discretionary monetary regime.

From The Wall Street Journal

Treasury didn’t respond to our request for comment on dollarization.

From The Wall Street Journal

Other opponents of dollarization are businesses that have access to greenbacks and pay expenses in local currency.

From The Wall Street Journal