Christmas Island Dollar
The former currency of Christmas Island, an Australian island in the Indian Ocean that was discovered on December 25, 1643. Today, the Christmas Island dollar is obsolete, with Christmas Island now using the Australian dollar. This switch from the use of a local currency to the use of another jurisdiction's currency is called dollarization and is a common phenomenon throughout the world. Dollarization can help a country obtain currency stability and encourage both domestic and foreign investment. The Australian dollar is one of the most frequently traded currencies in the foreign exchange market. |
|
No comments:
Post a Comment