noun
the process of adopting or using the US dollar as the official currency of a country
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The process of dollarization involves a country adopting the US dollar as its official currency.
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Dollarization is when a country starts using the US dollar instead of their own currency.
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Some people believe that dollarization is a way for countries to stabilize their economies.
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In the world of finance, dollarization is seen as a way to attract foreign investment.