The book engages with the persistence of foreign currency domination at the example of Georgia. Unofficial dollarization remains a challenge for developing countries, as it increases the vulnerability of households, firms and governments with foreign currency debt, limits monetary sovereignty, threatens financial and political stability and hinders economic development. These issues have become even more evident during the Covid 19 pandemic through the increasing debt in foreign currency. This monograph provides a political economic analysis of dollarization and conceptualises dollarization through a state theory, in which Georgia is framed as a peripheral hybrid state. The book is structured around three themes: genesis of dollarization (1991-2003), dollarization persistence (2003-2012) and politicization of dollarization (2012-2019). Thus, the history and persistence of foreign currency domination is explained through embedding dollarization into political debates, governance tactics, policies and institutions, economic interests, accumulation regime, civil society, global processes and interests of international actors.