Title: The countries that don't have a currency of their own — Quartz
Headings: Here are all the countries that don’t have a currency of their own
Here are all the countries that don’t have a currency of their own
Countries that only use a foreign currency
Euro: Andorra, Kosovo, Monaco, Montenegro, San Marino, Vatican City.
Countries in a currency union
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Content: The head of the Bank of England—who, just to make things more confusing, is Canadian—has said that if Scotland were to adopt the British pound on its own, it would need huge reserves of the currency—around 25% of its GDP, or £36 billion—to convince the rest of the world it can credibly act as a lender of last resort in the event of crisis. Yet if Scotland were to go it alone, it wouldn’t actually be alone. There are many places that have given up control of their legal tender. Countries that only use a foreign currency
US dollar: Ecuador, East Timor, El Salvador, Marshall Islands, Micronesia, Palau, Turks and Caicos, British Virgin Islands, Zimbabwe. The US dollar is the most widely used currency in the world, with many countries employing it as an accepted alternative to their own currency. But some have simply adopted the currency as their own, notes and all, in what is known as “dollarization.” They don’t have control over the currency—only the Federal Reserve in Washington sets monetary policy. Both Ecuador and El Salvador adopted the US dollar in 2000, following the creation of free-trade blocs like NAFTA and the EU and the debut of the euro, making even the notion of a “ single currency for the hemisphere more plausible and attractive .” Reuters
Ecuadoreans were in a rush to trade sucres for dollars when dollarization was announced.