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dol·lar·i·za·tion | \ ˌdä-lə-rə-ˈzā-shən 
\
\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 \ verb
\ verbExamples of dollarization in a Sentence
Recent Examples on the Web Erdogan’s drive for ever-lower borrowing costs eroded Turks’ confidence in their own currency, fueling a steady dollarization of the economy.
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Cagan Koc, Bloomberg.com, "Only Question for Erdogan Is Which Economic Taboo to Break," 10 May 2020 By some estimates, there are three times as many dollars in circulation as bolivars, creating a de facto dollarization of the economy that is stabilizing inflation.
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Washington Post, "A fake Walmart, cases of Dom Pérignon and the almighty dollar. Inside socialist Venezuela’s chaotic embrace of the free market.," 25 Dec. 2019 Ecuador tried to reverse its 2000 full dollarization in 2014, when its government introduced a virtual currency called dinero electronico.
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Caroline Delbert, Popular Mechanics, "Why the $100 Bill Is More Popular Than Ever," 5 Nov. 2019 Turkey—should turn to currency boards or dollarization.
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The Editorial Board, WSJ, "Culling the Emerging-Market Herd," 13 Sep. 2018 Maduro’s de facto dollarization of the economy this year allowed many public employees in Venezuela to supplement their official salaries in nearly worthless local currency by charging in dollars for their services.
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BostonGlobe.com, "On the other side of the capital, in the town of Rio Chico, most of the rooms in a local school are boarded up for lack of students and teachers. When the remaining pupils arrive, they first ask the whereabouts of the school’s cook, the teachers said.," 1 Dec. 2019 The process by which a nation replaces its unstable or devalued currency with de facto U.S. dollars is called dollarization.
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Caroline Delbert, Popular Mechanics, "Why the $100 Bill Is More Popular Than Ever," 5 Nov. 2019 The New York Times reported on Zimbabwe’s dollarization in 2012, specifically the wrinkle that while paper bills may travel easily between countries, bulky coins do not.
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Caroline Delbert, Popular Mechanics, "Why the $100 Bill Is More Popular Than Ever," 5 Nov. 2019 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.
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Tawanda Karombo, Quartz Africa, "Zimbabwe banned the US dollar from being used so local bitcoin demand is soaring again," 10 July 2019
See MoreThese 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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Time Traveler for dollarization
The first known use of dollarization was in 1982
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