Title: Countries That Use The U.S. Dollar
Headings: Countries That Use The U.S. Dollar
Countries That Use The U.S. Dollar
Key Takeaways
Official Use of the U.S. Dollar
Quasi-Use of the U.S. Dollar
The Bottom Line

Content: The British Virgin Islands and the British Turks and Caicos Islands also use the U.S. dollar as their official currency of exchange. The U.S. dollar is also used in conjunction with local currencies in a number of different popular destinations for American tourists. Official Use of the U.S. Dollar
The world's first U.S. dollar was printed in 1914 after the Federal Reserve Bank was created. It became the world's reserve currency after the negotiation of the Bretton Woods Agreement in 1944 when it was decided that the world's central banks would use fixed exchange rates between the U.S. dollar and their own currencies. According to the Federal Reserve Bank of New York, more than half of the U.S. dollars printed are used outside the United States—as much as 65%—to the tune of $580 billion, with the majority being exchanged in countries in Latin America and the former Soviet Union. More than 65 countries peg their currencies to the U.S. dollar while five U.S. territories and seven sovereign countries use it as their official currency of exchange. The table below provides an overview of the U.S. territories and independent sovereign nations that use the U.S. dollar as their official medium of exchange . U.S. Territory or Foreign Country
Relationship with United States
Geographic Location
Population (2018)
Gross Domestic Product (2018)
United States of America
Federal Republic
North America
318,636,000
$20.5 Trillion
Commonwealth of Puerto Rico
Unincorporated territory of the U.S.
Northeastern Caribbean
3,195,150
$103.1 Billion
Ecuador
Independent country
Northwestern South America
17,084,360
$108.4 Billion
Republic of El Salvador
Independent country
Central America
6,420,740
$26.1 Billion
Republic of Zimbabwe
Independent country
Southeast Africa
14,439,020
$31.0 Billion
Guam
Unincorporated territory of the U.S.
Western Pacific Ocean
165,770
$5.9 Billion
Virgin Islands of the United States
Insular area territory of the U.S.
Caribbean
106,980
$3.9 Billion
Democratic Republic of Timor-Leste
Independent country
Maritime Southeast Asia
1,267,970
$2.6 Billion
American Samoa
Unincorporated territory of the U.S.
South Pacific Ocean
55,470
$711 Million
Commonwealth of the Northern Mariana Islands
Unincorporated territory of the U.S.
Western Pacific Ocean
56,880
$636 Million
Federated States of Micronesia
Six Sovereign Countries
Subregion of Oceania
112,640
$401.9 Million
Republic of Palau
Island Country
Western Pacific Ocean
17,910
$284 Million
Marshall Islands
Island Country
Near Equator in the Pacific Ocean
58,410
$221.3 Million
Source: The World Bank
The British Virgin Islands and the British Turks and Caicos Islands also use the U.S. dollar as their official currency of exchange. The British Virgin Islands and Turks and Caicos adopted the U.S. dollar as their official currency because of their close relationship with the United States.