Dollarization of a currency occurs when a country takes all of its own currency out of circulation and replaces it with U.S.dollars.

Name: Dollarization of a currency occurs when a country takes all of its own currency out of circulation and replaces it with U.S.dollars.
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Dollarization is the process where a country adopts a foreign currency, typically the U.S. dollar, in place of its own national currency for transactions and savings.

Dollarization of a Currency Occurs When a Country Takes All