Besides being the main currency of the United States , the American dollar is used as the standard unit of currency in international markets for commodities such as gold and petroleum the latter, sometimes called petrocurrency , is the source of the term petrodollar.

In addition to holdings by central banks and other institutions, there are many private holdings, which are believed [ by whom?

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All holdings of U. Economist Paul Samuelson and others including, at his death, Milton Friedman have maintained that the overseas demand for dollars allows the United States to maintain persistent trade deficits without causing the value of the currency to depreciate or the flow of trade to readjust.

But Samuelson stated in that at some uncertain future period these pressures would precipitate a run against the U. The euro inherited this status from the German mark , and since its introduction, has increased its standing considerably, mostly at the expense of the dollar. Despite the dollar's recent losses to the euro, it is still by far the major international reserve currency, with an accumulation more than double that of the euro.

In August, , two scholars affiliated with the government of the People's Republic of China threatened to sell its substantial reserves in American dollars in response to American legislative discussion of trade sanctions designed to revalue the Chinese yuan. Former Federal Reserve Chairman Alan Greenspan said in September that the euro could replace the U. It is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency.

The percental composition of currencies of official foreign exchange reserves since USDX is the creation of the New York Board of Trade NYBOT , renamed in September to ICE Futures US. It was established in for tracking the value of the USD against a basket of currencies , which, at that time, represented the largest trading partners of the United States.

It began with 17 currencies from 17 nations, but the launch of the euro subsumed 12 of these into one, so the USDX tracks only six currencies today. The Index is described by the ICE as "a geometrically-averaged calculation of six currencies weighted against the U.

This event marks the watershed between the wider margins arrangement of the Smithsonian regime and the period of generalized floating that led up to the Second Amendment of the Articles of Agreement of the International Monetary Fund. Since , the USDX has climbed as high as the s and drifted as low as the 70s. The USDX has not been updated to reflect new trading realities in the global economy, where the bulk of trade has shifted strongly towards new partners like China and Mexico and oil-exporting countries while the United States has de-industrialized.

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Other nations besides the United States use the U. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender since at a conversion rate of 1: Ecuador , El Salvador , and East Timor all adopted the currency independently.

The former members of the U. Two British dependencies also use the U. The islands Bonaire , Sint Eustatius and Saba , now collectively known as the Caribbean Netherlands , adopted the dollar on January 1, , as a result of the dissolution of the Netherlands Antilles. Some countries that have adopted the U. See Ecuadorian centavo coins , Panamanian Balboa and East Timor centavo coins. A series of Zimbabwean Bond Coins was put into circulation on 18 December in 1, 5, 10, and 25 cent denominations.

A 50 cent Bond Coin was released in March These coins are pegged at the same rate as American coins. Some other countries link their currency to U. The local currencies of Bermuda and the Bahamas can be freely exchanged at a 1: Argentina used a fixed 1: The currencies of Barbados and Belize are similarly convertible at an approximate 2: The Netherlands Antillean guilder and its successor the Caribbean guilder and the Aruban florin are pegged to the dollar at a fixed rate of 1: The East Caribbean dollar is pegged to the dollar at a fixed rate of 2.

In Lebanon , one dollar is equal to Lebanese pound , and is used interchangeably with local currency as de facto legal tender. Several oil-producing Arab countries on the Persian Gulf, including Saudi Arabia , peg their currencies to the dollar, since the dollar is the currency used in the international oil trade.

Likewise, Malaysia pegged its ringgit at RM3. On July 21, , both countries removed their pegs and adopted managed floats against a basket of currencies.

Kuwait did likewise on May 20, , [10] and Syria did likewise in July Several countries use a crawling peg model, wherein currency is devalued at a fixed rate relative to the dollar. Belarus , on the other hand, pegged its currency, the Belarusian ruble , to a basket of foreign currencies U.

BYR exchange rates dropped by two thirds, all import prices rose and living standards fell. In some countries, such as Costa Rica and Honduras , the U. In Mexico's northern border area and major tourist zones, it is accepted as if it were a second legal currency.

Many Canadian merchants close to the border, as well as large stores in big cities and major tourist hotspots in Peru also accept U.

In Cambodia , U. Prices of most big ticket items such as houses and cars are set in U. Although the current account deficit began to stabilize in and , depreciation persisted. In addition to the trade deficit, the U.

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However, a sharp turnaround began in late with the onset of the global financial crisis. As investors sought out safe-haven investments in U. From Wikipedia, the free encyclopedia. External adopters of the US dollar. Currencies pegged to the US dollar. External adopters of the euro. Currencies pegged to the euro.

Retrieved September 26, Euro could replace dollar as top currency - Greenspan. Retrieved September 17, International Relations Committee Task Force on Accumulation of Foreign Reserves February , The Accumulation of Foreign Reserves PDF , Occasional Paper Series, Nr.

Retrieved 5 October Archived from the original on November 10, Archived from the original on State Customs Committee of the Republic of Belarus. Federal Reserve Bank of Cleveland. Decade of the Dollar, the Euro, or the RMB? Archived from the original on October 31, Retrieved November 7, Posen , "The Rise of the Euro: The Wall Street Journal. Retrieved October 22, Currencies named dollar or similar. Chinese yuan Ethiopian birr Malaysian ringgit.

Antigua dollar British Columbia dollar British North Borneo dollar British West Indies dollar Ceylonese rixdollar Confederate States dollar Continental dollar Danish rigsdaler Danish West Indian daler Danish West Indian rigsdaler Dominican dollar Dutch rijksdaalder Greenlandic rigsdaler Grenadan dollar Hawaiian dollar Japanese occupation dollar Kiautschou dollar Malaya and British Borneo dollar Malayan dollar Mauritian dollar Mongolian dollar Nevisian dollar New Brunswick dollar Newfoundland dollar Norwegian rigsdaler Norwegian speciedaler Nova Scotian dollar Penang dollar Prince Edward Island dollar Puerto Rican dollar Rhodesian dollar Saint Kitts dollar Saint Lucia dollar Saint Vincent dollar Sarawak dollar Sierra Leonean dollar Slovenian tolar Spanish dollar Straits dollar Sumatran dollar Swedish riksdaler Old Taiwan dollar Texas dollar Trinidadian dollar Tobagan dollar Zimbabwean dollar.

Marshall Islands dollar Nauru dollar Niue dollar Palau dollar Pitcairn Islands dollar. Eurodollar Petrodollar Geary—Khamis dollar.

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