Second, it is an honor for me as Governor of the Bank of Israel to be taking part in a conference on the important topic of dollarization, a topic of interest not only to the Central Bank of Turkey, but also to us in the Bank of Israel, and to many other central banks and economies around the world.
I will start by discussing the issue of full dollarization of an economy, that is the replacement of the national currency by a foreign currency, a process that has taken place in recent years in both El Salvador and Ecuador.