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In Mexico's northern border area and major tourist zones, it is accepted as if it were a second legal currency. Many Canadian merchants close to the border, as well as large stores in big cities and major tourist hotspots in Peru also accept U.S. dollars, though usually at a value that favours the merchant.
However, semi-dollarization also exists in a few other countries where the U.S. dollar is recognised as legal tender alongside another currency, and unofficial dollarization exists in many areas where the U.S. dollar is widely used and accepted-although it is not recognised as legal tender. [6]
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1]Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
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Nicaragua has joined Mexico in breaking diplomatic relations with Ecuador, while statements from the foreign ministries of other countries that have had recent diplomatic rows with Mexico have ...
crawling peg to USD Nicaragua: Nicaraguan córdoba: NIO: Central Bank of Nicaragua: crawling peg to USD Costa Rica: Costa Rican colón: CRC: Central Bank of Costa Rica: float Panama: US dollar / Panamanian balboa: USD / PAB: Federal Reserve Bank / National Bank of Panama: 1.00 PAB = 1.00 USD Colombia: Colombian peso: COP: Banco de la República ...
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