Dollarization is the process by which a country begins to recognize the dollar as valid currency in addition to or instead of its own.
The process of formally adopting the U.S. dollar or the currency of another country as the domestic unit of account of the second country is known as "dollarization." For a variety of reasons, including improved price stability and an end to abrupt, quick devaluations of the national currency, a government may decide to dollarize.
"Dollarization" is the process of using the U.S. dollar either in addition to or instead of another country's indigenous currency. It serves as a superb example of monetary conversion.
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