Definition from Wiktionary, the free dictionary
- The process of a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency.
2002 October 26, “New faces of Andean politics”, in The Economist:
- Making dollarisation work requires structural reform, something President Noboa has failed to achieve. Ecuador's businesses are struggling against high costs. The public finances face a shortfall. A new agreement with the IMF has proved elusive. Neither candidate says he would scrap the dollar, but neither says much about reform.
the process of a country adopting the US dollar as its primary currency