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Definition: Christmas Island Dollar
The Christmas Island Dollar is the former currency of the Christmas Island, an island in the Australian territory in the Indian Ocean which was first discovered on December 25, 1643 and hence got the name of Christian Island.
However, presently the currency is Australian dollar as Christmas Island Dollar became obsolete. This switch to the currency of another jurisdiction is known as “dollarization”. It helps a country gain macroeconomic stability, integration with the other place as well as encourages domestic and foreign investment.