dollarizationnoun [ U ]
uk/ˌdɒləraɪˈzeɪʃən/us/ˌdɒlərɪˈzeɪʃən/UK also dollarisation ECONOMICSthe situation in which a country chooses to use the US dollar instead of, or in addition to, its own currency:
The finance minister argued that dollarization would boost economic growth.
the situation in which a country decides to make its own currency the same value as the US dollar or to link it to changes in the value of the US dollar
dollarize
verb [ I or T ] UK also dollarise
Critics pointed out that dollarizing the economy could reduce the country's control over its economy.