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A currency union is where two or more states share the same currency, though without there necessarily having any further integration as would be characterised by an Economic and Monetary Union, which involves economic integration to the point of a single market.

Contents

Examples of existing unions


Currency Union Users Est. Status Population GDP (nominal $)
Central African CFA franc Economic and Monetary Community of Central Africa  Cameroon
 Central African Republic
 Chad
 Republic of the Congo
 Equatorial Guinea
 Gabon
1945 Formal
West African CFA franc West African Economic and Monetary Union  Benin
 Burkina Faso
 Côte d'Ivoire
 Guinea-Bissau
 Mali
 Niger
 Senegal
 Togo
1945 Formal
CFP franc Issued by Overseas Issuing Institute (France)  French Polynesia
 New Caledonia
 Wallis and Futuna
1945 Formal
East Caribbean dollar Eastern Caribbean Currency Union of the OECS  Anguilla
 Antigua and Barbuda
 Dominica
 Grenada
 Montserrat
 Saint Kitts and Nevis
 Saint Lucia
 Saint Vincent and the Grenadines
1965 Formal
Euro Eurozone of the European Union United Kingdom Akrotiri and Dhekelia
 Andorra
 Kosovo
 Monaco
 Montenegro
 San Marino
 Vatican City
1999/2002 Formal (eurozone), informal (others) &0000000328655062.000000328,655,062
Singapore dollar
Brunei dollar
Managed together by the Monetary Authority of Singapore  Brunei
 Singapore
1967 Currencies mutually exchangeable[1] &0000000005137000.0000005,137,000 &0000036438000000.00000036,438,000,000
Armenian dram  Armenia
 Nagorno-Karabakh Republic
1994 de facto &0000000003368900.0000003,368,900 &0000018715000000.00000018,715,000,000
Australian dollar  Australia
 Kiribati
 Nauru
 Tuvalu
1966 Informal
Pound sterling Sterling area  Ascension Island
 British Antarctic Territory
 British Indian Ocean Territory
 Falkland Islands
 Gibraltar
 Guernsey
 Isle of Man
 Jersey
 Saint Helena
 South Georgia and the South Sandwich Islands
 Tristan da Cunha
 United Kingdom
1939 Formal, local variants used.
Indian rupee  Bhutan
 India[2]
 Nepal[3]
1974 Informal
Nepal minor usage
New Zealand dollar  Cook Islands
 New Zealand
 Niue
 Pitcairn Islands
 Tokelau
1967 Informal
Israeli new sheqel  Israel
 Palestine
1927/1986 Informal
Jordanian dinar  Jordan
 Palestine (West Bank only)
Informal
Russian ruble  Abkhazia
 Russia
 South Ossetia
2008 Informal
South African rand Multilateral Monetary Area  Lesotho
 Namibia
 South Africa
 Swaziland
1974 Formal &0000000000000052.92466952.924669 &0000000000000316.936000316.936000000
Swiss franc  Liechtenstein
 Switzerland
1920 Informal &0000000007774546.0000007,774,546 &0000497171000000.000000497,171,000,000
Turkish new lira  Turkey
 Turkish Republic of Northern Cyprus
1983 Informal &0000000075081100.00000075,081,100 &0000000000734043.000000734,043
United States dollar  American Samoa[4]
 British Virgin Islands
 Ecuador
 El Salvador
 Guam[5]
 Marshall Islands
 Federated States of Micronesia
 Northern Mariana Islands[6]
 Panama[7]
 Palau
 Puerto Rico[8]
 Timor-Leste
 Turks and Caicos Islands
 United States
 United States Virgin Islands[9]
1904
(Panama only)
Formal for US Possessions only

Proposed unions

Community Currency Region Target date Notes
East African Community East African shilling Africa 2010 To be used by the future East African Federation
Bolivarian Alternative for the Americas SUCRE Latin America
/Caribbean
2010 It is planned to begin as an electronic currency involving Bolivia, Cuba and Nicaragua. The leader of Venezuela Hugo Chavez hopes that more nations of Latin America and the Caribbean will join the oil-backed currency.
Gulf Cooperation Council Khaleeji Middle East 2013 Possibly gold backed, but postponed due to the financial crisis.
Caribbean Single Market and Economy (as part of the CARICOM) Latin America
/Caribbean
2015
Southern African Development Community
/Southern African Customs Union
South African Rand
(interim proposal)
Africa 2016
South Asian Association for Regional Cooperation Asia 2016
Union of South American Nations South America 2019
West African Monetary Zone Eco Africa 2020 Inside Economic Community of West African States, planned to eventually merge with West African franc
Common Market for Eastern and Southern Africa Africa 2025.
African Economic Community Africa 2028
ASEAN+3 Asian Monetary Unit Asia
North American Free Trade Agreement (NAFTA) Amero North America Not currently on agenda, see North American currency union
Australia, New Zealand and Papua New Guinea Australasian Dollar Pacific 2019
Pacific Islands Forum Australian dollar (one proposal) Pacific
African Union Unknown Africa 2028 See African Monetary Union

Previous unions

References

  1. ^ To all intents and purposes a monetary union. They are the last two nations whose dollars have remained at par and mutually interchangeable since the days when the Spanish Dollar was the united currency of large areas of the New World and South East Asia.
  2. ^ alongside the ngultrum
  3. ^ Not official, but freely used as a tender in Nepal, due to primarily the economic flux with India and also the instability caused by that country's civil war.
  4. ^ US posession
  5. ^ US posession
  6. ^ US posession
  7. ^ Alongside the Panamanian balboa
  8. ^ US posession
  9. ^ US posession

External links

African monetary union inches closer United States of Southern Africa?
East Africa's first steps towards union West Africa opts for currency union
Gulf States push for single currency 'Limited gains' from Gulf single currency
Do the Mercosur Countries Form an Optimum Currency Area? Argentina plans monetary union
Quadrant Magazine article on the Pacific Economist- Antipodean currencies (Australia and New Zealand)
Three Perspectives on an Australasian Monetary Union Reasons for the collapse of the Rouble Zone
In Search of the "Ruble Zone" OECD Development Centre- the Rand Zone
A single African currency in our time? South Africa proposes adoption of the rand as provisional SADC common currency
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