Countries That Use The Us Dollar As Currency
The United States Dollar is the world’s most widely-used currency and is officially used by the United States of America. However, there are several other countries across the globe that have adopted the US dollar as their official currency. In this article, we will explore the countries that use the US dollar as currency.
Panama
Panama is one of the countries that use the US dollar as currency. Panama adopted the US dollar as its official currency in 1904, and it has remained as such since then. The Panamanian Balboa is also used as a legal tender, but its value is tied to the US dollar.
Ecuador
Ecuador is another country that uses the US dollar as currency. Ecuador adopted the US dollar as its official currency in 2000, after a severe economic crisis that led to the collapse of its former currency, the Sucre.
El Salvador
El Salvador is also among the countries that use the US dollar as currency. El Salvador adopted the US dollar as its official currency in 2001, after its former currency, the colón, lost its value due to hyperinflation.
Marshall Islands
The Marshall Islands is a small island country in the Pacific Ocean that also uses the US dollar as its official currency. The country adopted the US dollar as its official currency in 1991, after its former currency, the Marshallese mark, lost its value.
Micronesia
Micronesia, another small island country in the Pacific Ocean, also uses the US dollar as its official currency. The country adopted the US dollar as its official currency in 1979, after its former currency, the Micronesian pound, became obsolete.
Puerto Rico
Puerto Rico, a US territory in the Caribbean, also uses the US dollar as its official currency. The country does not have its own currency, and the US dollar has been the legal tender since 1898, when the United States took control of Puerto Rico.
US Virgin Islands
The US Virgin Islands, another US territory in the Caribbean, also uses the US dollar as its official currency. The country does not have its own currency, and the US dollar has been the legal tender since the United States purchased the islands from Denmark in 1917.
Conclusion
As we have seen, there are several countries across the globe that use the US dollar as their official currency. Some of these countries have adopted the US dollar due to economic crises, while others have done so due to their close ties with the United States. Nevertheless, the US dollar continues to be the most widely-used currency in the world.