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Browsing: de-dollarization
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In recent months, the discourse about de-dollarisation has gained momentum. The sanctions against Russia have exposed the danger of over-dependence on the US dollar in international trade. The recent foreign exchange challenges have also recharged the growing efforts to bolster other currencies.
De-dollarisation could soon become a reality. A BRICS substitute to the dollar could enjoy high prospects for success, a former White House adviser, Joseph Sullivan, has noted. Sullivan served as a staff economist at the White House Council of Economic Advisers during the Trump administration. According to him, a potential BRICS currency poses a unique threat to the dominance of the US dollar in international trade.
The global financial landscape has undergone a remarkable transformation in recent times. Remarkably, the issue of the de-dollarization of international trade is slowly but steadily gathering momentum. A rising trend toward de-dollarization is challenging the longstanding supremacy of the United States in the international financial system. As the dominant global reserve currency, the US dollar remains pivotal in international trade, investment, and financial transactions.