dollarization

noun 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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dollarize

play \ˈdä-lə-ˌrīz\ verb

Recent Examples of dollarization from the Web

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
The result of the de-facto dollarization has been a devil’s bargain: Shelves are fuller than Venezuela has seen for months, but with prices that are out of reach for the vast majority of poor Venezuelans.

— Washington Post, "US sanctions to pile misery on moribund Venezuelan economy," 29 Aug. 2017
The result of the de-facto dollarization has been a devil’s bargain: Shelves are fuller than Venezuela has seen for months, but with prices that are out of reach for the vast majority of poor Venezuelans.

— Washington Post, "US sanctions to pile misery on moribund Venezuelan economy," 29 Aug. 2017
The result of the de-facto dollarization has been a devil’s bargain: Shelves are fuller than Venezuela has seen for months, but with prices that are out of reach for the vast majority of poor Venezuelans.

— joshua goodman, The Seattle Times, "US sanctions to pile misery on moribund Venezuelan economy," 28 Aug. 2017
A similar process of spirit-world dollarization has been documented in neighboring Vietnam, which also saw an influx of dollars in the 1990s, although the government there has been much more successful in eliminating them.

— julia wallace, New York Times, "Today’s Headlines: Asia Edition," 8 Apr. 2016

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.