Currency exchange

Official denomination

Please find an example of a country currently using another country’s currency as its official denomination. Research this topic and answer the following questions, utilizing at least 5 (five) external references (recent academic or news articles) to back up your opinions and build your arguments:

1. Why would a country decide to use another country’s money as it is official currency? What are the advantages of this practice?
2. What are the disadvantages of this practice?
3. Provide an example of a country that uses a foreign currency as its official monetary denomination.
   1. When did this switch occur?
   2. What led to the switch?
   3. What happened to the economy of country after the switch (was it beneficial or harmful to overall economic health and strength?

Note

Use APA style and formatting to compose the 1000-1500-words.