Connect with us

Economy

Five countries that don’t have their own currency

Published

on

While most countries have their official currency, a few surprising places do not.

Instead, these nations rely on the currencies of other countries for their day-to-day transactions.

This might seem unusual, but it can help these countries stabilize their economies and avoid the risks of managing their own money.

1. El Salvador 2. Ecuador 3. Kosovo

4. Montenegro 5. Liechtenstein.

According to the International Monetary Fund (IMF), this article includes some of the countries that don’t have currency.

1. El Salvador
El Salvador, a small Central American country, adopted the U.S. dollar as its official currency in 2001.

Before that, it used its currency, the colón.

By switching to the dollar, El Salvador aimed to stabilize its economy, attract foreign investment, and reduce inflation.

2. Ecuador
Ecuador abandoned its currency, the sucre, 2000 after facing a major financial crisis.

The country switched to the U.S. dollar to regain economic stability.

This change allowed Ecuador to curb inflation and attract foreign investment.

Using the dollar has brought economic stability but also limits Ecuador’s control over its monetary policy.

3. Kosovo
Kosovo, a small country in the Balkans, uses the euro as its official currency even though it’s not a member of the European Union.

Since Kosovo declared independence from Serbia in 2008, it has relied on the euro to support its economy.

Using the euro has helped Kosovo maintain stability, especially in its trade relationships with EU countries.

4. Montenegro
Montenegro, another Balkan country, also uses the euro without being a member of the EU.

After gaining independence from Serbia, Montenegro adopted the euro to promote economic stability and ease trade with Europe.

See also  Nigerian Army orders arrest of soldiers involved in cable theft

5. Liechtenstein
Liechtenstein, a small European country, uses the Swiss franc as its official currency due to its close ties with Switzerland.

The Swiss franc’s stability has contributed to Liechtenstein’s strong economy and stable financial sector.

By adopting Switzerland’s currency, Liechtenstein benefits from the same financial stability without needing its currency.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest from DDM TV

Latest Updates

INNOSON VEHICLE MANUFACTURING

Commissioner urges LGA chairmen to develop rural communities

South-East Igbo group distances itself from June 12 democracy day protest

Entire Akwa Ibom Has Moved To APC, Says Nsima Ekere

APC chieftain Etiebet welcomes Eno, others

Ekiti FC crowned kings of football in Kwara South

Pastor Ibiyeomie urges Christians to commit fully to walking with God

Mikel urges Chelsea to strengthen squad ahead of FIFA Club World Cup

Again, bandits abduct catholic priest, nine others in Borno

Tempted by billions: Apostle Suleman’s bold stand against a financial trap

Dickson accuses political coalition of undermining Tinubu’s 2027 re-election bid

Subscribe to DDM Newsletter for Latest News

Get Notifications from DDM News Yes please No thanks