I heard a rumor a while back that the DR is looking into "dollarizing" the local currency......?? Other countries using the US dollar as currency is not unheard of. The British Virgin Islands in the Caribbean remain a British overseas territory, however they have adopted the US dollar as the official currency. :bunny:
Countries in the Americas outside the US that use the dollar either as its official currency or has it's own currency pegged to it.
El Salvador- Abolished its own currency for the dollar several years ago
Ecuador- Abolished its own currency the Sucre in 2002 and adopted the US Dollar as its currency
Panama- Dollarized since its independence in 1903 They call it the Balboa but it is US dollars as they don't print their own money. They just use American notes.
Turks and Caicos Islands- US dollar is official currency
British Virgin Islands- US dollar
Bahamas- The Bahamian dollar has the exact same value as the US dollar and both are used interchangeably
Belize- One US dollar is worth 2 Belize dollars and both are used interchangeably in everyday transactions.
Cuba- Cuban Convertible peso is pegged to the dollar at a rate of US$1.08 (though dollars are no longer accepted in commercial transactions. They must be exchanged for CUC prior to use.)
Cayman Islands- its currency is pegged to the US dollar.