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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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