Infotainment

Countries that don’t use their own currency

Every country has a currency of their own, distributed and governed by the Central Bank of the country!

Here are some of the countries that don’t use their own currency –

 

#1 Ecuador – $U.S Dollar

flag-1040587

Ecuador adopted U.S Dollar in 2000,following the creation of free-trade blocs like NAFTA and the EU and the debut of the euro, Since then Ecuador is using U.S Dollar as its main currency.

“For Ecuador, adopting the dollar was a way of imposing strict fiscal discipline, in effect by turning monetary policy over to the United States Federal Reserve Board,”

– New York Times Reporter

#2 El Salvador – $U.S Dollar

flag-1040590

Dollarisation helped El Salvador in preventing economic crises and attacks from speculators that have befallen countries like Mexico and Argentina.

#3 Zimbabwe – $U.S Dollar,South African rand, Botswana pula, British pound sterling, Australian dollar, Chinese yuan, Indian rupee, and Japanese yen.

zimbabwe-1007708

Zimbabwe abandoned its own currency in 2009 because of a serious devaluation that led them to print this Bank notes –

ZImbabwe dollar

Now Zimbabwe currently has eight official currencies as legal tender: the US dollar, South African rand, Botswana pula, British pound sterling, Australian dollar, Chinese yuan, Indian rupee, and Japanese yen.

#4 Kosovo – Euro

kosovo-162334_1280

Kosovo’s government changed currencies twice in less than four years; in 1999, they swapped the Yugoslav dinar for the Deutsche mark, and then each adopted the euro when the notes entered circulation in January 2002.

#5 Monaco -Euro

monaco-26893

Monaco is not formally a part of the European Union (EU), but it participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the euro as its sole currency (prior to this it used the Monégasque franc).

(Source)

About the author

Himanshu

3rd Culture kid,Based in Dubai,He loves meeting new people from different cultures and enjoys learning new things everyday.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest