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However, semi-dollarization also exists in a few other countries where the U.S. dollar is recognised as legal tender alongside another currency, and unofficial dollarization exists in many areas where the U.S. dollar is widely used and accepted-although it is not recognised as legal tender. [6]
In some countries, such as Costa Rica and Honduras, the U.S. dollar is commonly accepted, although not officially regarded as legal tender. In Mexico's northern border area and major tourist zones, it is accepted as if it were a second legal currency.
crawling peg to USD Nicaragua: Nicaraguan córdoba: NIO: Central Bank of Nicaragua: crawling peg to USD Costa Rica: Costa Rican colón: CRC: Central Bank of Costa Rica: float Panama: US dollar / Panamanian balboa: USD / PAB: Federal Reserve Bank / National Bank of Panama: 1.00 PAB = 1.00 USD Colombia: Colombian peso: COP: Banco de la República ...
Costa Rica and Colombia formalized their diplomatic relations with the signing of the Calvo-Herrán Treaty on June 11, 1856. Although as a result of the independence of Panama, recognized by Costa Rica on December 29, 1903, there is no longer a land border between Costa Rica and Colombia, both countries continue to share a considerable maritime border.
The Latin American countries Brazil, Mexico, Argentina, Colombia, and Chile are the region's largest economies by gross domestic product (GDP) at purchasing power parity (PPP). Cuba is not included in the list due to lack of economic data.
Also, when agreed by both parties, both U.S. dollars and the euro can be used in private transactions (this applies mostly in tourism-related activities). This was most true during the drastic inflationary period of 2003–2004. Nowadays the U.S. dollar is widely accepted and tourists visiting the Dominican Republic can use it as a second currency.
Costa Rica gained election as president of the Group of 77 in the United Nations in 1995. That term ended in 1997 with the South-South Conference held in San Jose. Costa Rica occupied a nonpermanent seat in the Security Council from 1997 to 1999 and exercised a leadership role in confronting crises in the Middle East and Africa, as well as in the former Socialist Federal Republic of Yugoslavia.
This is a list of Latin American and Caribbean countries by gross domestic product (nominal) in USD according to the International Monetary Fund's estimates in April 2024 World Economic Outlook database. Cuba is not included in the list due to lack of economic data.