Why Do Some Countries Use Foreign Currencies?
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▶ In this video I talk about countries that don't use their own currency. Explaining which they are, and which currencies they use. Establishing an important difference between the very small amount of countries that truly have no currency of their own, having adopted a fully external one. And others where these foreign currencies are used side by side with the local one (usually the US Dollar or the Euro), many times taking over and becoming the de facto official currency. Examples of the first are Ecuador, El Salvador, Zimbabwe (which uses 8 currencies!), Palestine, Kosovo, Montenegro, Monaco, Vatican City and San Marino. Examples of the second are the Marshall Islands, Palau, turks and Caicos, Aruba, Cambodia, the Domican Republic, Lebanon, Iraq, Venezuela, Timor-Leste.
Then moving on to a third case: monetary unions. Where countries do not have their own unique national currency, but still technically use "their own", simply sharing it with other states member of that same union.
Examples of monetary uions are the Eurozone (Euro), the Swiss Franc union between Switzerland and Liectenstein, the Central African Franc, the West African Franc, the French Pacific Franc, the Eastern Caribbean Dollar, the Australian Dollar, the New Zealand Dollar, the British Pound Sterling, the Indian Rupee (used in Nepal and Bhutan), the South Africa Rand (also used in Namibia, Botswana, Lesotho and Eswatini), and the currency equivalence between the Singapore and Brunei dollars.
Throughout the video we also learn about the interesting etymology of the word 'Dollar', as well as how some currencies have fixed exchange rates to others, therefore also being connected to a foreign currency.
TIMESTAMPS:
00:00 Intro
01:03 Countries that use foreign currencies
01:48 Examples of parallel foreign currency use
02:09 Why the US Dollar is so commonly used
02:50 Masterworks sponsorship
04:21 Which countries use the US Dollar?
05:10 Zimbabwe: The 8 currency nation
05:38 Hong Kong & Macau currencies
05:45 Australian Dollar usage abroad
05:48 Territories using the British Pound
05:59 Summary of countries that use foreign currencies
06:18 What about monetary unions?
07:07 The Eurozone
07:19 Swiss & Liechtenstein monetary union
07:38 Central & West African Francs
08:27 Currencies with a fixed exchange rate to others
08:49 French Pacific Franc
09:00 The Eastern Caribbean Dollar
09:24 Etymology of the word 'Dollar'
09:54 The Australian Dollar
10:12 British Pound Sterling
10:52 New Zealand Dollar
11:02 Indian Rupee
11:12 South African Rand
11:22 Singapore & Brunei monetary equivalence
11:40 Summary
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*Are there any other countries that don't use their own currency?*
(Also at 00:12 - yes, there are 197, not 97, countries!)
In Bosnia they take everything, their marka, croatian kuna (rip), euro, serbian dinar.
The country of Belize, in Central America. I believe they use the US dollar in an official capacity....at least I believe that's what my family members have said that live there....
o7
I am Australian and iv never seen that note you displayed,must be old as i think it is a 1 dollar note which isn't used anymore.
When I went to the Paraguay border, they did not used paraguayan guaranís nor brazilian reals, they used solely american dollars. I don't know if that's a border thing or a whole-country thing, but there wasn't one single guaraní there. 2022.
Panama has used the U.S. Dollar since 1904.
I wonder why
@@heh9392Panama canel
Do you think it's connected to US influence during their early independence days / due to the Panama Canal ownership?
Damn, US does Panama dirty. For real, the country only exists because of the canal.
@@General.Knowledge I worked for a New Jersey company that handled the health insurance, U.S. government funded, for the last of the Panamanian workers and their families who built the Canal. My coworker was the account manager. I remember that his callers, the elderly workers, were all incredibly sweet and friendly. The company eventually laid him off, didn't care about the rapport he had built with his clients. I have no idea what happened to their health plan.
When I spent a weekend in Geneva, I had to carry around Swiss Francs and Euros in my wallet. I read they accept Euros and give change in Swiss Francs, but honestly there was no consistency. One supermarket took Euros and gave Swiss Francs, a cafe did the reverse, the ferry could take both and the cable cars wouldn't accept Swiss Francs.
Europe 👏
Please don't do that again. Yes you can pay the bill in EUR but the exchange rate is everywhere in Switzerland horrible
Wow that seems really confusing! They should just decide on a common policy
@@frankwalker5921 Just Switzerland
I don't understand why this happens. I think Switzerland is weird about this. 🤯
In Panama we use the dollar as paper money because the national currency "balboa" only exist in coins; although, we also use the American coins.
There are also some old paper notes, my grandma in Chiriquí has some, idk if they are still legal tender tho^^
i've been in much of the Americas and acceptance of US paper currency is common.... But I have not been to any country that accepted US coins.... i'm guessing it's due to the history of the canal?
I guess I have to go to Panama, just to have the experience? lol
@@nc3826 It has to do with that. You can put balboas or American coins in vendor machines and they work fine with either.
@@MAXPOWER507 I guess once the Americans settled for the construction of the canal, it was easier to use their paper money than figure out a way to produce our own. Is there even a coin factory in Panama? Never heard about one.
@@gabbodelaparrawrites When I was in Costa Rica I had planned to visit there.... Thanks for the information....
In the video it was failed to mentioned that in Panama the U.S. dollar is used as well, although locally the dollar is called “balboa.” Also, in Panama the coins have the same size, weight, and nominations of the penny, the nickel, the dime, and the quarter, but the designs are different, and I think, if not mistaken, they’re called “centimos.”
As an Indian who has visited Bhutan, I’d like to confirm that the Indian Rupee is legal tender in Bhutan BUT the situation is a bit weird. You sometimes get your change entirely in Bhutanese Ngultrum, sometimes entirely in Indian Rupees. Most commonly I used to get my change back with some denominations in Rupees and others in Ngultrum.
Also, while the Indian Rupee is legal tender in Bhutan and Nepal, the opposite is not true. There are exceptions to this rule, obviously, like the border town of Jaigaon which is on the Indian side of the Indo-Bhutan border, where one can freely use the Bhutanese Ngultrum.
Not every British Overseas Territory uses the pound. As you mentioned in the video, Turks and Caicos and the BVIs use the US Dollar, Anguilla and Montserrat use the East Caribbean Dollar and the Pitcairn Islands use the New Zealand Dollar.
Bermuda and the Cayman Islands also have their own dollars and Akrotiri and Dhekelia uses the Euro.
Last year I had the experience of going from a non-EU country that uses the Euro, to an EU country that didn't (at the time). Montenegro to Croatia.
Which also included Brexitland before declaring independence, lol.
@@nc3826 haha lol also known as split Kingdom right? As may Scotland do some boom bam cheeky things haha^-^
@@chandrasarmah8255 i hope Scotland gets another referendum on its Independence.... Since it's only fair... But I wouldn't bet on it...
@@nc3826 don't blame me, I voted Remain.
It’s usually ok to use Euros in a lot of northern Moroccan towns. Keep an eye on the exchange rate you get though 👀😂
I think the biggest thing I learned today was that Lichtenstein was considered a Central Power
I seem to recall that in the Bahama Islands, their dollar is pegged to the value of the US dollar, and the two currencies are used interchangeably.
In many countries, most people will readily accept US dollars in lieu of their own currencies. I found this to be generally true in Canada, México, and Costa Rica, where I now reside.
Less and less everyday
This is true. You can pay in Bahamas with either at the same rate.
@@snowy5419 no problem in Costa Rica, and my knowledge is current.
Yes! So essentially because the local currency has decided it has the same level as the US Dollar and essentially works just as a "local rebranding" of it?
The only time I have seen US dollars accepted in Canada it was at a rate of 1 to 1. Not a great deal for the Americans.
In Latin America, most countries use the "peso" as their currency, but they share nothing but the name, the values and use are completely different. I think the Philippines use the peso too.
It's just the name, same as us dollar, australian dollar. Mexican peso, argentinian peso.
Using a non-local currency is known as "dollarization". It does not have to be the U.S. dollar, as the name implies, but any major world currency that is trusted more than the local currency.
US dollar isn't the only dollar anyway, so the name wouldn't imply US dollar, but any dollar.
@@Liggliluff Originally it does refer to the USD because the USD is the most used "Dollar" around the world.
Next Topic: Currencies of European Union countries before Euro
That's a great idea! And showcasing the process of each of them changing into the Euro
@@General.Knowledge Even better
Another interesting thing about this is, if I'm not mistaken:
- The position and format of the € sign should be the same as the old currency.
- The position and format of the € sign should depend on the language.
Two rules that goes against eachother. So for example since in Germany it was written as "50 DM", it should therefore be written as "50 €" in Germany today (rule 1). But since in Austria it was written as "S 50", it should be written as "€ 50" today (rule 1). But only "50 €" is valid for German language (rule 2) and Austria is ignored. But not only this, since Ireland and UK both write "£50", therefore they should write "€50" (rule 1), and this has become the standard for English (rule 2). But according to rule 1, if you were to write in English for Germany, you should still write it as "50 €", because you're writing it in Germany. It just seems easier if it's always written as "50 €" in Germany, regardless of language.
Another interesting thing is that when Finland moved over from writing "50 Mk", I did see a large number of people who wrote, and still write "€50" today, despite it officially being "50 €". This is a likely influence of UK "£50", US "$50" and other countries as well, making the illusion that if the currency has a symbol that isn't just letters, it should come before the number, which isn't a global rule. There are several currencies placing the symbol after, see Russian "50 ₽".
The whole position thing is an interesting topic in itself. Because personally I just find placing it in front of the number strange. I know a lot of people do, and to them it's perfectly normal. But I find it strange because it's almost the only unit symbol that is like this, while percentage and other units goes after. It's not normally "%50", "km50" or "°C50", so why should it be "€50"?
Next Topic: who invented money, why was it invented, and if you could go back in time would you murder the person who invented money?
On Aruba you can use the USD $ however the official currency is the Aruban Florin / Guilder (Gulden) ƒ.
On the islands of Bonaire, Saba and St Eustatius the USD is the official currency, as these three islands are special Dutch overseas municipalities, The Netherlands has both the EUR € and USD $ as it's official currencies.
Curaçao and St Maarten have the Netherlands Antilian Guilder ƒ as the official currency.
All this means the Kingdom of the Netherlands uses 4 different currencies. (EURO €, USD $, Aruban Florin ƒ and Antilian Guilder ƒ)
As an Australian, we haven’t used the Australian $1 dollar note since the 1980’s. It was replaced with a coin. It is interesting to see it appear in this video.
I am from Singapore and same here too. Our 1 dollar coin is shaped in a hexagon shape because of an interesting story. To circumvent the bad feng shui, our government said that every Singaporean household MUST have a ba gua displayed. Obviously, this was impossible to implement. Therefore, they decided to incorporate the hexagon-shape into the one-dollar coin instead. Singapore has been doing well ever since.
1984 wasn’t it? I haven’t seen a $1 note in forever! 😊
People are resisting the change in the US. Canada made the change, it was a bit weird when I was working up there. They do a 1 dollar and a 2 dollar coin.
@@charlessalzman4377 people in the USA resist the use of coins in general. Removing pennies out of circulation is one way of this happening.
My guess is that it's bc the creator is from the USA. In the USA 1$ coins exist, but are rarely used. So it makes sense that if when he searched for "Australian dollar" he got a picture of the note, he would have assumed that it was the most commonly used. I don't think it would ever occur to most Americans that coins would ever be preferred. (Short sighted? Maybe. But it's the reality)
Countries without currency are not the owners of their market.
Even if you have your own currency your not the real owner lol
@@TreyMessiah95 *You're
@@josueveguilla9069 *youre
Hehe tankie being tankie 🎉
If your country has a worthless currency, there's no disadvantage, you're not losing what you don't have
I went to Cambodia back in 2012. I was expecting to change my US dollars into rial, only to find out that they used dollars. Every price was listed in dollars and rounded to the nearest 5 cents. They didn't use coins, and most people didn't really use rial unless using it to make change. The fixed exchange rate was 4000 rial to 1 dollar, so if they needed to make 5 cents in change, they would just give you 200 rial.
Only for foreigner, they charges them with dollar. Only Cambodian can be uses with Dollar and Riel
There's a lot of mistaken coin exchange between Australia, New Zealand, and the smaller neighbouring island nations.
Every now and then you get a New Zealand coin instead of your native currency. They usually get accepted too.
Especially older “cent” coins because they were the same dimensions (except the 50), however now NZ have completely different coins so you see less and less of them.
Haha 😂 1€ coin looks and weigh similar with 1 turkish lira coin 2€ coin is looks like 0,50₺ coin i used to get euros in turkey while working and heard people used 1₺ in vending machines since its worth about 0,05€
I like that you mentioned the etymology of Dollar. It one of a few words of Czech origin that are used worldwide.
How is that Czech origin? It comes from a German place name.
Another widely used word of Czech origin is robot.
@@cleantube8014 Joachimsthal is in Czech republic. There is one in Germany but the mine which gives its name to the dollar is in Czech. He is correct.
@@cleantube8014 Yes, the word is of course German. It's an exonym, like how india is a name given by Greeks. That's why i said the dollar term comes from the German name of the Czech town, whose name is no longer Joachimsthal. So, i think the Czechs can hog the credit.
@@cleantube8014 OK, I was wrong. The word Dollar comes from the German language and was just "tranformed" by Cechs and Saxons. But Joachimtal was a part of the Czech kingdom (part of Austria at the time, not Germany). Nations didn't use to be divided by language as much as today. Unfortunately, the only multilingual European nation today (where each language is equal) is Switzerland.
A fun fact about Cambodia: the only bills accepted are US dollars, while coins are in their local currency. And to top it off, the local currency has a completely different value from the US dollar. So calculating the change if you for example pay with a one dollar bill is a really interesting task.
it was about 100 to 1 per US cent... So when I was there, It was super easy, to do the conversion in my head, by just moving the decimal point....
Except for constantly having to ask for US dollars is change....
Do they have bills with Pol Pot's face on them?
@General Knowledge - That was a super cool video, thanks.
My friend lives in Algeria, which officially uses the 'Algerian Dinar' (DZD), but he always talks to me about things in euro prices, possibly because of their previous colonial connection with France.
I would like to see a full video about what happened to the currency in Zimbabwe, and also in the Weimar Republic of Germany after World War 1.
Do you do all the drawings yourself? They are great!
We used US dollars when we went to Russia from 1997 to 2016, and after it was established, the euro was used to quote prices on TV. Not long after my last trip in the latter year, Putin banned the use of non-rouble currencies in Russian shops.
In Romania we use the Euro to purchase most of the things that are expensive, e.g House, Car, etc. As so many Romanians live abroad in Western Europe and bring Euros directly and it's a stable currency overall. Sometimes when I look for cars in Romania I switch to the Euro because in our currency (RON- Romanian Leu) I wouldn't realize how much money it is.
When I went to Timor-Leste, they used the US dollar but bills larger than 1 dollar had to be printed after a certain date and they don't take two dollar bills. For change they use their own coin currency that has a value equivalent to the US dollar and it is minted in Portugal. using two dollar bills in Cambodia was a little easier and I heard that recently they are trying to only use 20, 50 and 100 dollar bills.
Correction. The US dollar ia accepted currency Aruba but not the official currency. Our official currency is the Aruba Florin. The exchange rate between currency is pegged to fixed rate. But officially everything in Aruba Florin
10:12 the characterisation of the pound sterling perpetuates a gross misunderstanding of the UK. Notwithstanding the Overseas Territories, the Pound is not a currency union between Scotland, England, Wales, and NI (in the same manner that the Euro is between all Eurozone members). The UK, in this respect, no different to Canada or the US as the single issuing country. Scotland, Wales, England, and NI are not countries without their own currency - as they are sub national divisions/ entities of the UK.
I admit it may be wrong; but aren't they constituent *countries* of the UK? Perhaps calling it a currency-union is wrong in the technical / financial sense of the word, but they are countries that share a currency?
@@General.Knowledge honestly I think its just historical pride that we call them countries. Each part has different levels of political autonomy and a complex history with the others. But none of them act as countries in their own right. You aren't an English or Welsh citizen, there are no Northern Irish or Scottish passports. No nstional assembly sets its own foreign policy or monetary policy. They are states in all but name. Even there it becomes muddled because they have inconsistent powers.
Scotland has the most devolved powers, while northern ireland gets their superseded by the UK government when they inevitably can't agree on anything. England has no regional autonomy at all.
They arents even seperate kingdoms. Wales hasn't been independant since the early 11 hundreds. Scotland and the crown of england were merged into a joint kingdom in 1707. While Ireland was a seperate kingdom until 1801 but with the independance of the republic a new kingdom had to be carved out of a few counties in the north east. So it has almost no historical precedent as an independant country or kingdom. Basically its a big mess and we are all too proud of our own local regions to admit the truth of the matter. Plus we get 4 cracks at the world cup if we keep saying we are a country of countries.
Dollars in Canada and the US are not interchangeable though. Whereas currency in the UK is the same pound sterling as it is in other parts of the UK. They are all legal currency. The pound issued in Scotland is simply a different design from the one issued in England as is the NI version, however they are all pound sterling. This process is exactly like the differing euro designs that are issued for different euro countries.
@@General.Knowledge correct they share the same currency with notes printed by different banks. Scotland even has 3 banks that issue different notes, as does NI, all pound sterling though. Wales does not and it’s notes are issued by the Bank of England.
In addition to that, some of the BOTs (British Overseas Territories) don’t use GBP
fascinating topic. so much relevance and it flies under the radar most of the time unless there's a crisis.
this for sure is one of your best keep it up bro
In Cambodia when I was there, a USD was 4000 Riel. Dollars were preferred, but you would get your change in Riel.
In your first graphic, you write "97" countries, but it's 197.
Hi! In Uruguay you have been always able to use the local "peso" variety (it had changed 3 times over the last 50 years) and the US dollar, be being homes, cars, livestock and technology items almost exclusively sold and purchased in USD. But there's also a de facto pegging, and that's with Brazilian Real. A Real has been around a 10 Uruguayan peso for nearly 30 years now!
In Eswatini, we do use our own currency called the lilangeni, but the South African rand is also freely used.
One correction at 5:52. Cyprus is not a dependent territory and it uses the Euro. Except if you refer to the military bases there.
Use of the Australian $1 note image is a bit sus lol... not issued in Australia since 1984. Still legal tender but doubt you can use it other than depositing it in a banking system.
was about to comment this, sus as lol
Yeah lol. We also stopped using paper money sonce 1996
Then introduced the $2 coin in 1988 that was half the size 😂. New Zealand also converted to $1 and $2 coins but got the size around the logical way. They also change the size of all of the other coins to smaller and much lighter versions, then did away with the 5 cent piece, and fair enough, you can’t even get a red frog for 5 cents now.
I also love how all previous Australian issued currency is still legal tender. Imagine trying to go to maccas and buying a flake come with a 10 shilling note.
Here in Australia we used to use the British Pound but changed to the dollar in the 60s. My dad has memories of using British Pounds when he was a little kid right before it was changed.
Actually incorrect it was the Australian pound
@@adambrock3932 Yeah 1910 was the last of the British coins from memory. Australia was granted permission to mint currency in 1901 with Federation.
@danielboyd514 yeah for a good 56 years before we desimalised
The English word "Dollar" came from the Dutch word "Daler".
Which came from the German 'Taler'. Dutch is just wrong German, lol.
Very interesting video. Congrats
Thank you!
Reasons why Montenegro and Kosovo use Euro, is that they are very small economies, and most of money comes from abroad - Montenegro from tourists, and Kosovo from relatives, drugs and organs.
It was weird to me, growing up in Serbia, that when visiting Montenegro we had to exchange money and buy local sim card, even though we were the same 'country' until 2006.
I live in Cambodia, here we have the official currency, which is Khmer Riel, but they also accept US dollar everywhere. The local currency is locked to 4150:1$ - every X years they change it somewhat, but around 4K for the past 10 years. And also as far as Ive understood it, khmer Riel is worthless outside of Cambodia. You can probably change it in Vietnam and Thailand if you have more than 20$ in currency, but probably will get shit rates. So in effect, the US dollar becomes the official currency, we just change it down to smaller pieces, as 1$ actually can buy you a few different things. A lot of things cost 25/50/75c, a beer is usually 75c or 3000riel
Barbados is a country so under represented, their dollar is fixed 2 to every 1 US dollar 🇧🇧 it’s a beautiful and amazing place with great people
You should add Argentina and Uruguay to the list of countries with a dual currencies.
As a Swiss i know that Liechtenstein use the CHF like we do and that they do since (about) 1920.
I never asked myself why. Thanks for that answer
It's a veyr interesting story! I'm not very well versed in it but from what I could understand they were a little bit discriminated against at the end of WW1 for having connections with the Central Powers. Even though they didn't seem to support their war and merely had trade deals because they were their only neighbours, thus making them unavoidable. Instead of reaching out an helping hand, the Entente somewhat ostracized them, forcing them into asking the Swiss for help.
I don't understand why the US dollar is presented as official in Aruba, but not in Panama. I have been to both places, and it seems like pretty much the same situation: they use their own local name for the currency (Florin in Aruba and Balboa in Panama), but both are pegged to the value of the US dollar. In Panama they actually use the physical US dollar bills (Balboa bills don't exist), while they have their own Florin bills in Aruba, which makes that "official" distinction even stranger.
Additional fact about Venezuela: In the bordering states with Colombia, people also use the Colombian Peso more than the Bolivar and the US Dollar.
There are informal acceptances all the time. The US dollar can be used in most tourist areas of Mexico and in boarder towns. At one time, when the peso was very unstable Mexican construction firms would only deal in US Dollars. That way when they took a payment it would still cover the costs of supplies the following day. And when I was working in Canada, in Edmonton, mane of the shops would take US currency. They charged the same amount as they did for Canadian currency and at the time the Canadian dollar was about 30% lower than the US dollar. So shop keepers would make a better profit, even after fees for currency exchange.
In Guatemala de oficial currency and the national bird are the same: quetzal, a beautiful green bird with a red chest and a very long tail; 7.80 quetzals makes a dollar.
It is also interesting to note that a large amount of businesses in northern Ireland take the euro and the pound
On Argentina, some shops give the option to pay in Brazilian Reais (1 USD = 5 BRL)
I have not been to DR in almost 20 years, but when I was growing up there, I don't remember using Dollars as currency. We exchanged it for Pesos
I would love a video about monetary unions!
Nice video brother
You should make a video about the oldest cities in Europe
can you make a video on all the monetary unions and there history General Knowledge
Bhutan have their currency but that is pegged equal with indian rupee.. In Bhutan, nepal you can use indian currency but vice-versa is illegal.
The currency of Tangerine-a is the Tangerine peso😂
5:55 Not all the dependencies of France use the Euro. For exemple, the New Caledonia and the French Polynesia in the Pacific Ocean use the Pacific Franc. (French dependencies have different statues. Departments and regions use Euro but not Territories.)
As you mentioned at 9:00
And until the 1970's (1975 if I remember correctly), La Réunion, a French Département since 1948 (so, as French as Loir-et-Cher) used the franc CFA.
When I went to Zimbabwe before Covid they had "bond-coins" that were ment to be worth a dollar, but people on the streets offered to trade it 4 to 1 with me. So I immediately quadripeled my wealth.
Kosova choosing the use of € is such an amazingly smart choise by Albanians, the reason being it makes them internationally open for trade, as well that is is one of the best currencies in the planet, so easy to use.🇽🇰❤️🇪🇺
Lebanon also has the situation where usd is perfectly okay to use
Yeah, I was amused when he listed Lebanon as one of the countries whose currency is pegged to the dollar. *cries in seyrafa*
In the Dominican Republic we can use USD only in tourist spaces, outside of that we relay in our currency (DOP) and often we exchange USD to DOP in the bank because in the day-to-day we can't use it.
Akrotiri and Dhekelia, in spite being British Overseas Territory on the island of Cyprus, do use Euro as currency.
BTW, Bermuda 🇧🇲 and the Cayman Islands 🇰🇾 although British territories, have their own currencies of the dollar, are not at all related to the British pound sterling.
4:42 Aruba uses the Aruban Florin, Bonaire, saba and st. Eustatius do use US$
I've never seen Bruneian dollars being used in Singapore at all. It'll be interesting and exciting to see them being used.
In the Bahamas we also use US dollars along side the Bahamian Dollar, the exchange rate is equal, I do not know if we have it tied to US dollar's value for the whole economy being mostly dependent on American tourism and our constant import of good we do not produce, mostly coming from the US.
It would be interesting to see a video on the usage on "Japanese Military/Occupation Yen" throughout occupied areas briefly during World War 2. I believe that they had some system of value when changed with Japanese proper Yen thus had a value upon return to Japan until the end of World War 2.
More on Asia -
Also were the whole system on Chinese "Silver Coins" in Asia, Pacific, and even within the Spanish trades - whom also saw usage of their own "Spanish Silver" Coins beyond. Dollars.
Nepal and Bhutan do have their own currencies, but each is pegged to the Indian Rupee at a fixed rate; with the Bhutanese _Ngultrum_ at 1:1 with INR, and Nepalese Rupee at 1.6:1 with INR
Singapore and Brunei currency are allow to use on either country, but it is getting rare to see Brunei dollar in Sg nowadays.
Stupid question: since the Queen sadly died and new money with the king's face was printed -- are the old British pound with her face still legal tender?
Yes it is, the King Charles notes/coins will get released soon but the Queen Elizabeth ones will stay legal tender.
Yes like every other commonwealth nation with her image on it
that new money has yet to be circulated.
Dominican Republic does not use US Dollar along with local currency. It might be accepted by turism area as it happens in most countries in fact you can´t afford spend your daily basis using us dollar since a bunch of local stores will refuse it as a method of payment.
Do historical coat of arms of europe for each country from then to today and how it changed
Here in Cambodia we use US dollar for every big purchases larger than a few hundred dollars.
In Switzerland you can often pay in Euros, but often at an unfavorable exchange rate. Better then to go to the bank.
Curaçao and Saint Martin also have a monetary union: the Carribean Guilder. 🇨🇼🇸🇽; Also, the Dutch Caribbean uses the US Dollar instead of Euro so the Netherlands also uses the dollar, kinda. (Bonaire is the biggest of the three municipalities)🇧🇶
The £20 note in the Isle of Man has the fonz on the back
Now, I can't unsee it.
Doesn't Canada have Dr Spock on one of their notes?
5:57, I think you made a mistaker here: French Polynesia, New Caledonia and Wallis and Futuna are oversea territories of France where the Euro is not in used. They use Pacific Francs.
I apologize if I'm slightly incorrect with this, but I believe the United States dollar becoming the de facto currency of the world wasn't a result of the Bretton Woods system in a traditional sense, it was more the fact that the United States, Post World War II, was one of the only countries that didn't take themselves off the gold standard, since so much of europe was destroyed as a result of the war, and their economies couldnt handle everyone trying to get their money at once, so other countries started holding US dollars because they knew it would be exchangeable for gold rather than in their current currencies. And then in 1971, Richard Nixon took the United States off of the gold standard, and the rest of the world just sort of stuck with it. Especially now that a lot of people tend to see the United States dollar backed in oil since we have such a strong diplomatic ties with oil-bearing Nations. Again, I may be a little Miss informed, and please correct me if I am. Regardless, fantastic video and work as always!
Montenegro and Kosovo were German Mark users. The never had their own money. When the mark was abandoned they used the Euro.
Croatia is already using € - old image shown on 8:28
Interesting post, but equating Cambodia and the Dominican Republic in terms of their acceptance of US dollars as legal tender was incorrect.
In Cambodia the USD is the preferred currency. While in the Dominican Republic the domestic Dominican peso is the preferred currency. And when a foreign currency is accepted, the Euro tends to have preference.
I’ve heard that many of those dollar coins that Americans refuse to use have wound up in circulation in Ecuador.
Can confirm. It's the most commonly used coin for items down here
Belgium and Luxemburg had a currency pegged to each other. (BEF & LUF, before the €)
Why doesn't Belgium and Luxemburg unite to form one country?
In Campione d'Italia, town italian, into of Switzerland, use the Francs Swiss, is official money.
Well that's a good thing... The fewer currencies there are the more countries use the same currency and therefore this helps tourism and people who move to other countries for work.
muito bom!! Devias ter mais subs!!
Obrigado!
It should have been mentioned, that in September 2021, El Salvador became the first country to make bitcoin legal tender, requiring all businesses to accept the cryptocurrency., alongside the USD
Timor Leste has a history of currency shift
From 1975 to 1999, Indonesia Rupiah was a currency since it was annexed by Indonesia and become a province under Jakarta and then since 2002, when Timor Leste was declared independence, the US Dollars was now used as the main currency
And before the Rupiah, they used the Portuguese Timor escudos.
@@Griff10poldi Yes that's a colony of Portugal until 1975
@@elfrjz Ah Jakarta still part of Indonesia as a Special Capital Region
@@elfrjz ah yeah Jakarta will lose the National Capital when Nusantara will be transferred there
@@elfrjz Wow I want to see Nusantara soon…Thanks my brother 🇵🇭🤝🇮🇩
great again
Thanks!
Australia has been able to use "One Dollar" Coins since 1984. There is no One Dollar banknote used today.
Actually, in the Dominican Republic the dollar is not used on a day by day basis. It's mostly used in touristics areas given that lots of tourists will find it easier to use a trust.
Botswana also uses the Rand.
Very interesting. A few days ago, an Argentinian presidential candidate express his wishes to abandon Argentinian Peso and adopt US Dollars as the only legal currency in Argentina.
Australia adopted its Decimal Currency, the name chosen as the Dollar in 1966. Prior was used the Australian non-decimal Pound.
8:19 most were french collonies but not all, ginea bisau and equatorial ginea werent french
Yes, Guiné-Bissau was a portuguese colony and Equatorial-Guine was a spanish one.
@@antoniof9756 indeed
Argentina is heavily using the greenback.. the new presidential candidate (elections coming) strongly considering the us dollar as local curency due to hyper inflation
Your statement that all British dependencies use the British Pound is incorrect. Even though you highlight Bermuda it uses the Bermudian Dollar which is pegged 1:1 to the US Dollar and in practice both currencies are used interchangeably on the island.
u missed Turkey, it’s a major country where they widely accept all kinds of foreign currencies
The official currency of Aruba is Aruban Florin, worth exactly the same as the Netherlands Antilles Guilder.
Kuwait: Hah look at what they need to do for a fraction of our power!
Plasentine not getting recognition might be an issue