{"id":5816,"date":"2022-06-29T13:22:00","date_gmt":"2022-06-29T12:22:00","guid":{"rendered":"https:\/\/finseta.com\/?p=5816"},"modified":"2022-08-08T11:33:27","modified_gmt":"2022-08-08T10:33:27","slug":"which-other-countries-use-the-us-dollar-as-their-currency","status":"publish","type":"post","link":"https:\/\/finseta.com\/ae-en\/which-other-countries-use-the-us-dollar-as-their-currency\/","title":{"rendered":"Which other countries use the US Dollar as their currency?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5816\" class=\"elementor elementor-5816\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-26990c03 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26990c03\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f51f0f2\" data-id=\"5f51f0f2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-390c8082 elementor-widget elementor-widget-text-editor\" data-id=\"390c8082\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"c21b\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The <a href=\"https:\/\/finseta.com\/knowledge-hub\/currencies\/us-dollar\/\">US Dollar<\/a> is the world\u2019s major reserve currency. It is estimated that over 55% of all currency held in reserve by Central Banks is in USD.<\/p><p class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Given the strength of the US Dollar, it is unsurprising that some countries actually use the currency of the <a href=\"https:\/\/finseta.com\/knowledge-hub\/country-profiles\/united-states\/\">USA<\/a> as their own domestic currency.<\/p><p id=\"05a8\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Not including territories that are politically tied to the USA, places like Guam, Puerto Rico or the US Virgin Islands, there are actually several fully fledged independent nations that are currently using the USD as their currency.<\/p><p id=\"69fe\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Below we\u2019ll take a look at who they are and why they use the US Dollar.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-41a80fb4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41a80fb4\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-75c28f12\" data-id=\"75c28f12\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d684a8 elementor-widget elementor-widget-spacer\" data-id=\"2d684a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abc825d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abc825d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2e9caf1\" data-id=\"2e9caf1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-03cdff0 elementor-widget elementor-widget-image\" data-id=\"03cdff0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-1024x683.jpg\" class=\"attachment-large size-large wp-image-5820\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-1024x683.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-300x200.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-768x512.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-1536x1024.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5820\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/flag-g269fba4de_1920\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920.jpg\" data-orig-size=\"1920,1280\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"flag-g269fba4de_1920\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-300x200.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-g269fba4de_1920-1024x683.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(Ecuador experienced a large domestic economic crisis in 1999.)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a202131\" data-id=\"a202131\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-042e6b4 elementor-widget elementor-widget-heading\" data-id=\"042e6b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ecuador<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e221748 elementor-widget elementor-widget-text-editor\" data-id=\"e221748\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"o dz\"><div class=\"eo cf fe ff fg fh fi fj fk fl fm\"><article><div class=\"l\"><div class=\"l\"><section><div><div class=\"if ig ih ii ij\"><p id=\"b032\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">Like El Salvador, for over a century Ecuador had its own currency the Sucre.<\/p><p id=\"f0fd\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">However, in 1999 it was replaced by the US Dollar following an economic crisis that saw poverty, instability and inflation rise and living standards drop. The crisis would ultimately lead to a coup and a new government.<\/p><p id=\"f2a8\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">For a long time, USD had been used informally and the move to \u2018dollarisation\u2019 was in many ways just a formalisation of something that was already commonplace. When the Sucre was removed, the exchange rate was fixed at a rate of 25,000:$1. This saw many people\u2019s hard-earned savings collapse in value.<\/p><p id=\"a560\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Like El Salvador, there are no plans to see a wholesale re-introduction of a domestic currency anytime soon and USD therefore will remain the official currency of Ecuador for some time to come.<\/p><\/div><\/div><\/section><\/div><\/div><\/article><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-732362c elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"732362c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6cf13ae\" data-id=\"6cf13ae\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-331dae5 elementor-widget elementor-widget-heading\" data-id=\"331dae5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Marshall Islands, Palau and Micronesia<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6020f87 elementor-widget elementor-widget-text-editor\" data-id=\"6020f87\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"1980\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">The Republic of the Marshall Islands, the Federated States of Micronesia and the Republic of Palau are all independent island nations in the Pacific Ocean.<\/p><p id=\"c006\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">During WW2 these islands were controlled by Japan and following various successful military landings, the US captured control and began a decades long administration of the islands on behalf of the United Nations.<\/p><p id=\"2493\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">In the late 70\u2019s, the various islands were deemed to be economically viable as independent states and thus proclaimed themselves as republics.<\/p><p id=\"63dd\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Almost immediately they entered into the \u2018Compact of Free Association\u2019 with the USA which fundamentally continued to tie the nations together politically, militarily and economically with the USA.<\/p><p id=\"4170\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">In this context is was deemed to be unnecessary to adopt their own currency, which owing to both a) the small size of the countries (less than 200,000 people combined) and b) the fact they already used USD meant that the nations chose to continue using the US Dollar post-independence.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4c58723\" data-id=\"4c58723\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ac62870 elementor-widget elementor-widget-image\" data-id=\"ac62870\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-1024x768.jpg\" class=\"attachment-large size-large wp-image-5824\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-1024x768.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-300x225.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-768x576.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-1536x1152.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5824\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/marshall-islands-ge9ba169f7_1920\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920.jpg\" data-orig-size=\"1920,1440\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"marshall-islands-ge9ba169f7_1920\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-300x225.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/marshall-islands-ge9ba169f7_1920-1024x768.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(The Marshall Islands, Palau and Micronesia are all known for their beautiful beaches.)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-13a8da97 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"13a8da97\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3a897057\" data-id=\"3a897057\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-579bcddc elementor-widget elementor-widget-image\" data-id=\"579bcddc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"532\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-1024x681.jpg\" class=\"attachment-large size-large wp-image-5819\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-1024x681.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-300x199.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-768x511.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-1536x1021.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-mfrh-original-2048x1362.jpg 2048w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag.jpg 1999w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5819\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/esau-gonzalez-bqefbdsc4ko-unsplash\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag.jpg\" data-orig-size=\"1999,1329\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"equador flag\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-300x199.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/equador-flag-1024x681.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(The USD has been in use since 2001 in El Salvador)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-1cb503d7\" data-id=\"1cb503d7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8c5d002 elementor-widget elementor-widget-heading\" data-id=\"8c5d002\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">El Salvador<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cb16034 elementor-widget elementor-widget-text-editor\" data-id=\"1cb16034\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"3ae1\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">From 1892 until 2001, El Salvador had its own currency the Col\u00f3n. However in 2001, then President Francisco Flores announced a controversial plan to \u2018dollarize\u2019 the country&#8217;s economy.<\/p><p id=\"8ab5\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Flores was incredibly close to the US in terms of foreign relations and believed that by allowing the US Dollar into free circulation domestically, wealth would spread and the country&#8217;s economy would become more competitive.<\/p><p id=\"55ff\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">A fixed exchange rate was introduced and the country shifted to make all transactions in dollars.<\/p><p id=\"f6cf\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The move wasn\u2019t as successful as people hoped and unfortunately hasn\u2019t bought the wealth that \u2018dollarisation\u2019 promised.<\/p><p id=\"14b5\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Many people believe that El Salvador is weaker and poorer now 20 years later because of the decision. This is in large why El Salvador recently became the first country to make Bitcoin legal tender, something we\u2019ll look at in a different article.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fea456f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fea456f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-9aa75a0\" data-id=\"9aa75a0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-18ff00f elementor-widget elementor-widget-image\" data-id=\"18ff00f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-1024x768.jpg\" class=\"attachment-large size-large wp-image-5827\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-1024x768.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-300x225.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-768x576.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-1536x1152.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5827\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/timor-leste-g03b0b6069_1920\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920.jpg\" data-orig-size=\"1920,1440\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"timor-leste-g03b0b6069_1920\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-300x225.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/timor-leste-g03b0b6069_1920-1024x768.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(Timor-Leste is one of the world's youngest countries)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4601858\" data-id=\"4601858\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c68efd3 elementor-widget elementor-widget-heading\" data-id=\"c68efd3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Timor-Leste<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4591dd8 elementor-widget elementor-widget-text-editor\" data-id=\"4591dd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"e1a3\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">On May 20th 2002, Timor-Leste became the first new nation of the 21st century, gaining independence from Indonesia after a brutal decades-long occupation.<\/p><p id=\"b898\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Indonesia withdrew from East Timor in 2000 and a UN-led administration took over until independence was achieved.<\/p><p id=\"45cd\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">At the time, the Indonesian Rupiah was used, however this was seen as both the currency of the occupier and was actually at the time a pretty weak currency in general. The UN-led administration quickly swapped it out with the US Dollar.<\/p><p id=\"852a\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">At the same time the \u2018East timor Centavo\u2019 was introduced, however it was pegged to USD with 1 Centavo = 1 US Cent and banknotes have never been produced.<\/p><p id=\"a571\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">At the time the country could have opted for the AUD, however they chose not to because it was felt it would make the country too reliant on their neighbour to the south.<\/p><p id=\"51b3\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">In the future, over time the USD could be phased out, however at present there are no plans, especially given the weak domestic economy, high levels of unemployment and low levels of development.<\/p><figure class=\"kt ku kv kw ge jn fs ft paragraph-image\"><div class=\"jo jp dq jq cf jr\" tabindex=\"0\" role=\"button\">\u00a0<\/div><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-428b04f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"428b04f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-438178f4\" data-id=\"438178f4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-116231b5 elementor-widget elementor-widget-spacer\" data-id=\"116231b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3333b21 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3333b21\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5687ec3\" data-id=\"5687ec3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-99ea61f elementor-widget elementor-widget-heading\" data-id=\"99ea61f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Zimbabwe<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3829a5e elementor-widget elementor-widget-text-editor\" data-id=\"3829a5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"85dd\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">We\u2019ve discussed in detail in a previous article the struggle Zimbabwe faced during the 2005\u20132009 period. In summation, the Zimbabwean Dollar experienced some of the worst hyperinflation since WW2 and the currency had to be abandoned as staple goods like bread cost hundreds of billions of dollars.<\/p><p id=\"decb\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">In 2009 a new \u2018unity\u2019 government was formed and the Zimbabwean Dollar was formally abandoned. Transactions in other currencies were declared legal and the US Dollar was used for all government transactions.<\/p><p id=\"38e6\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">There followed a period of calm and a couple of attempts at re-introducing a local currency, however these attempts floundered and dollars were demanded for payment by public and private sector employees alike.<\/p><p id=\"5e61\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The dollar therefore remains the de-facto currency of Zimbabwe even if the government formally no longer wants to admit this.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ee369c9\" data-id=\"ee369c9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d7ad75 elementor-widget elementor-widget-image\" data-id=\"7d7ad75\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"598\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-1024x766.jpg\" class=\"attachment-large size-large wp-image-5821\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-1024x766.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-300x225.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-768x575.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-1536x1150.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5821\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/flag-gaef709cb5_1920\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920.jpg\" data-orig-size=\"1920,1437\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"flag-gaef709cb5_1920\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-300x225.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-gaef709cb5_1920-1024x766.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(Zimbabwe has been blighted by economic problems throughout its history)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fb8c095 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb8c095\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-72ea6b7\" data-id=\"72ea6b7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c36bd29 elementor-widget elementor-widget-image\" data-id=\"c36bd29\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-1024x683.jpg\" class=\"attachment-large size-large wp-image-5823\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-1024x683.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-300x200.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-768x512.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-1536x1024.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-mfrh-original-2048x1365.jpg 2048w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama.jpg 1999w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"5823\" data-permalink=\"https:\/\/finseta.com\/which-other-countries-use-the-us-dollar-as-their-currency\/luis-gonzalez-wiwqd_8rds8-unsplash\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama.jpg\" data-orig-size=\"1999,1333\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"flag of panama\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-300x200.jpg\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/06\/flag-of-panama-1024x683.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(Panama sits at the centre of world trade due to its famous canal)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b7c81c0\" data-id=\"b7c81c0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d47d474 elementor-widget elementor-widget-heading\" data-id=\"d47d474\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Panama<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e66a45 elementor-widget elementor-widget-text-editor\" data-id=\"4e66a45\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"1bc1\" class=\"pw-post-body-paragraph ju jv im jw b jx ly jz ka kb lz kd ke kf ma kh ki kj mb kl km kn mc kp kq kr if gn\" data-selectable-paragraph=\"\">For a long time Panama was a part of Colombia, however from the late 1800\u2019s, the United States began to take a much more active role in the country. It was the first nation to both support and then recognise the country\u2019s independence and even sent in the US Navy to defend their sovereignty when the newly independent Panama faced threats from Colombia.<\/p><p id=\"ea9a\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Panama is most famous for its canal and after the French backed out, the US took on the financial burden for completing the canal and carved out a chunk of land surrounding it to be a US territory.<\/p><p id=\"7d80\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">For over 70 years the US controlled the \u2018Panama Canal Zone\u2019 which consisted of land either side of the canal waters and cut right through the heart of the country.<\/p><p id=\"d2c1\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Given its fundamental ties to the US, right from the beginning in 1903 when they declared independence, Panama used the US Dollar. It introduced its own currency, the Balboa, but tied it at 1:1 to the USD, where it has remained ever since.<\/p><p id=\"598a\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">As such Panama has no central bank, the Balboa isn\u2019t printed as banknotes and only coins are issued. This is similar to the situation with Tuvalu and the Australian Dollar which we discussed in a previous article.<\/p><figure class=\"kt ku kv kw ge jn fs ft paragraph-image\"><div class=\"jo jp dq jq cf jr\" tabindex=\"0\" role=\"button\">\u00a0<\/div><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18621cda elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18621cda\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60e0653f\" data-id=\"60e0653f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-76805709 elementor-widget elementor-widget-spacer\" data-id=\"76805709\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US Dollar is the world\u2019s major reserve currency. It is estimated that over 55% of all currency held in reserve by Central Banks is in USD. Given the strength of the US Dollar, it is unsurprising that some countries actually use the currency of the USA as their own domestic currency. Not including territories [&hellip;]<\/p>\n","protected":false},"author":221728552,"featured_media":5918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[1370],"tags":[1407],"class_list":["post-5816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Which other countries use the US Dollar as their currency? - Finseta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finseta.com\/ae-en\/which-other-countries-use-the-us-dollar-as-their-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which other countries use the US Dollar as their currency?\" \/>\n<meta property=\"og:description\" content=\"The US Dollar is the world\u2019s major reserve currency. 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