dollarization

noun
dol·​lar·​i·​za·​tion | \ ˌdä-lə-rə-ˈzā-shən How to pronounce dollarization (audio) \

Definition of dollarization

: the adoption of the U.S. dollar as a country's official national currency

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Other Words from dollarization

dollarize \ ˈdä-​lə-​ˌrīz How to pronounce dollarize (audio) \ verb

Examples of dollarization in a Sentence

Recent Examples on the Web

The government has been trying to curb re-dollarization of the economy and apparently to tame growing pressure from workers’ unions demanding salary payments in foreign currency. Tawanda Karombo, Quartz Africa, "Zimbabwe banned the US dollar from being used so local bitcoin demand is soaring again," 10 July 2019 Russia’s central bank sold or moved most of its U.S. Treasurys last year, official data shows, as part of an overt de-dollarization policy that includes closer links to China. Saumya Vaishampayan, WSJ, "Dominant Dollar Bests Challengers," 20 Jan. 2019 That’s not to say dollarization doesn’t carry risks. Rachelle Krygier, Washington Post, "Venezuela hopes to tackle the world’s worst inflation by deleting zeros from its currency," 23 Mar. 2018 To ensure success, the peso-dollar exchange rate employed in the dollarization process should be set at a level that undervalues the defunct peso. Steve H. Hanke And John Greenwood, WSJ, "The Dollar, Not the IMF, Can Save Argentina," 26 Sep. 2018 Detractors say dollarization prevents governments from devaluing or taking other measures during tough times. John Otis And, WSJ, "The Dollar Rescued Ecuador. Can It Save Venezuela?," 27 Mar. 2018 Quito investment banker Ramiro Crespo recommends dollarization for Venezuela, comparing it to gun control. John Otis And, WSJ, "The Dollar Rescued Ecuador. Can It Save Venezuela?," 27 Mar. 2018 Falcon’s dollarization plan has appeared to hit a nerve with the country’s impoverished people. Rachelle Krygier, Washington Post, "Venezuela hopes to tackle the world’s worst inflation by deleting zeros from its currency," 23 Mar. 2018 In the Seychelles, for example, dollarization jumped from 20 percent in 2006 to 60 percent in 2008. Robert Hackett, Fortune, "IMF Head: Cryptocurrency Could Be the Future. Really.," 2 Oct. 2017

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'dollarization.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of dollarization

1982, in the meaning defined above

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Last Updated

22 Jul 2019

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The first known use of dollarization was in 1982

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