DEFINITION of 'DOP'
The currency abbreviation for the Dominican Republic's only official legal currency, the peso oro. The currency is represented by the dollar ($) symbol or RD$. It was introduced in 1937 at par with the U.S. dollar and continued to be used in conjunction with the dollar until 1947. The initial peso was created in 1844 to replace the Haitian gourde, the currency of the country that borders the Dominican Republic.
BREAKING DOWN 'DOP'
There are peso oro coins and banknotes; the currency is divided into 100 centavos. The Dominican Central Bank uses the American dollar as the country's reserve currency. Both U.S. dollars and the euro are also widely accepted in the country.
The currency market, also known as the foreign exchange market, is the largest financial market in the world.