dollarization
noun[U]
ECONOMICSuk/ˌdɒləraɪˈzeɪʃən/us/ˌdɒlərɪˈzeɪʃən/(UK alsodollarisation)thesituationin which acountrychoosesto use the USdollarinsteadof, or inadditionto,itsowncurrency:
Thefinanceministerarguedthat dollarization wouldboosteconomicgrowth.
thesituationin which acountrydecidesto makeitsowncurrencythe samevalueas the USdollaror tolinkit tochangesin thevalueof the USdollar
dollarize
verb[IorT](UK alsodollarise)
Criticspointedout that dollarizing theeconomycouldreducethe country'scontroloveritseconomy.