Saturday, March 29, 2008
Countries Using U. S. Dollar as Legal Tender
Many countries besides the United States use the U.S. dollar as their official currency, a process known as dollarization.
With the exception of a very brief period during 1941 when Balboa notes were in circulation, Panama has been using the dollar as legal tender since gaining independence in 1903.
Ecuador abolished Sucre in favor of the dollar as legal tender on September 7, 2000.
El Salvador replaced the Colon with the dollar on January 1, 2001.
East Timor began using U. S. dollar as legal tender shortly after declaring itself independence in 2000.
Palau, the Federated States of Micronesia and the Marshall Islands (former members of the U. S.-administered Trust Territory of the Pacific Islands) have all used the U.S. dollar as legal tender since 1944, and chose not to issue their own currency after becoming independent.
The British colony of Turks and Caicos Islands began using the dollar as legal tender in 1973.
The British Virgin Islands began using the dollar as legal tender in 1959.
And, of course, U. S. Virgin Islands of Saint Croix, Saint John and Saint Thomas, U. S. Commonwealth of the Northern Mariana Islands, and Puerto Rico also use U. S. dollars.
The following countries currently peg their currency to U. S. dollar:
Bahamas - 1.00 BSD = 1.00 USD
Barbados - 2.00 BBD = 1.00 USD
Belarus - 2150 BYR = 1.00 USD
Belize - 2.00 BZD = 1.00 USD
Bermuda - 1.00 BMD = 1.00 USD
Hong Kong - 7.8 HKD = 1.00 USD
Lebanon - 1500 LBP = 1.00 USD
Saudi Arabia - 3.75 SAR = 1.00 USD