Salvadoran Colón

The currency of El Salvador is the US dollar, which has been adopted as the country's official currency since 2001. However, the Salvadoran colón (SVC) is still used informally, and can be exchanged for dollars at most banks. The colón is named after Christopher Columbus, who arrived in El Salvador during his fourth and final voyage to the New World. El Salvador is the only country in Central America that uses the US dollar as its official currency. The dollar was adopted in 2001 after the country experienced a series of economic crises, culminating in a banking collapse in 1999. The switch to the dollar helped to stabilize the economy and inflation. The Salvadoran colón is no longer used as official currency, but it can still be exchanged for dollars at most banks. The colón is named after Christopher Columbus, who arrived in El Salvador during his fourth and final voyage to the New World.