Formally Dollarized Countries (Excluding participants in currency unions; based on the IMF’s classification in the AREAER1/)
national coins 2/
|GDP (in billion|
(of U.S. dollar) 3/
|El Salvador||2001||U.S. dollar||No||20.37||Yes|
|Kiribati 4/||1979||Australian dollar||No 5/||0.067||No 5/|
|Marshall Islands 4/||1986||U.S. dollar||No||0.163||No|
|Micronesia 4/||1986||U.S. dollar||No||0.232||No|
|Montenegro||1999 5/||euro 6/||No||3.49||No|
|Palau 4/||1994||U.S. dollar||No||0.164||No|
|Panama||1904||U.S. dollar||Special case 7/||19.74||Special case 7/|
|San Marino||1999||Euro||Special case 8/||1.7||No|
Annual Report on Exchange Arrangements and Exchange Restrictions (2009), except for Kosovo which is not included. Also not included are three non-IMF member states (Andorra, Monaco, and the Vatican), which are using the euro after a special agreement with the EU authorities although they are not members of the EU.
Excludes the issuance of coins for primarily numismatic purposes.
As of 2007.
The year of adoption corresponds to the countries’ independence date.
Prior to 1979, Kiribati issued national coins, some of which are still in circulation.
The Deutsche mark (DM) was introduced as parallel legal tender to the Yugoslav dinar.
Panama maintains the balboa as the national currency, but only balboa coins circulate.
San Marino uses the euro on the basis of a formal arrangement concluded in 2000 with the European Community, through a monetary agreement with Italy (on behalf of the European Community). This arrangement allows the use of the euro as the official currency, and the minting of a specific amount of coins for circulation, collection, and commemorative purposes.