It is pegged to the US dollar and has been existence since 1976. The East Caribbean dollar is the most popular currency in several North American countries. Also, in some countries, the dollar exists and is accepted but not recognized as a legal tender. The US dollar also exists alongside other currencies in some countries where it exists as a legal tender, a situation known as semi-dollarization. The US dollar is a standard currency in the international commodity markets and has also been adopted in several countries as the official currency. However, the US dollar as a reserve currency has a negative effect on the American exporters because exports increase its value. It is also the world’s largest reserve currency with the resulting economic value benefitting the US. The US dollar is the common currency used in North America. 25 currencies are officially acceptable for use in North America.
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